BEIJING: Chinese developer Evergrande will resume trading in Hong Kong on Thursday , it said in a filing, adding that a deal to sell a stake in its property services arm had fallen through.
Evergrande said it would continue to implement measures to ease its liquidity issues, cautioning that"there is no guarantee that the group will be able to meet its financial obligations".Evergrande's announcements came as China's new-home prices fell for the first time in six years last month, according to data on Wednesday, with the property sector struggling after a government clampdown.
This has in turn limited their ability to press on with building and selling projects, putting even more pressure on their bottom lines.The biggest casualty of the crackdown has been Evergrande, which is teetering on the brink as it struggles under debts of more than US$300 billion. Hong Kong-listed Sinic Holdings became the latest to miss a payment, S&P Global Ratings said Wednesday.
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