Evergrande shares are frozen after Chinese property giant is ordered to demolish dozens of illegally-built buildings
Frozen: Troubled Chinese property giant Evergrande said trading would be stopped pending the release of ‘inside information’
Shares in Evergrande were suspended in Hong Kong yesterday following reports it has been ordered by officials to demolish dozens of buildings.
The troubled Chinese property giant said in a filing to the Hong Kong Stock Exchange that trading would be stopped pending the release of ‘inside information’ but did not provide any further details.
Evergrande has a £222billion debt pile, the largest of any property developer in the world.
Chinese media reports at the weekend said it had been ordered by local authorities to demolish 39 residential blocks within ten days due to illegal construction.
The properties are located on the island of Hainan in Southern China.
However, the firm said last week that more than 91 per cent of its sites had resumed construction after several projects were halted due to it being unable to pay some of its contractors and suppliers.