Hong Kong-listed shares of Evergrande units stabilise as liquidation seen unshackling business, assets from debt crisis
- Evergrande New Energy Vehicle Group and Evergrande Property Services resumed trading after a sudden halt on Monday
- Shares in the parent remain suspended as two court-appointed liquidators took control of the insolvent mainland developer
Carmaker Evergrande New Energy Vehicle Group advanced 4.4 per cent to HK$0.239 at in Hong Kong on Tuesday, while Evergrande Property Services jumped as much as 9 per cent before losing 3.8 per cent at HK$0.375. The stock lost 18 per cent and 2.5 per cent, respectively on Monday.
Trading in China Evergrande Group remained suspended after the stock sank 21 per cent on Monday, the company said in an exchange filing.
The High Court in Hong Kong ordered the Chinese developer to be wound up at a hearing, after it failed to repay a creditor and show progress to reorganise its debt. Eddie Middleton and Tiffany Wong from Alvarez & Marsal have been appointed as joint liquidators to take control of its operations.
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A vanishing fairyland dream: how China Evergrande rose, then crashed
