China Evergrande shares set to resume trade on Tuesday

A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo

said on Monday it has applied to the Hong Kong Stock Exchange for trading in its shares to resume on Tuesday, adding there is currently no other inside information related to the company that needs to be disclosed. On Thursday, trading in shares of the embattled Chinese property developer were suspended and the company later said its founder, Hui Ka Yan, washold the company's billionaire founder accountable for the developer's spiralling financial woes.

Chairman Hui is being investigated on suspicion of transferring assets offshore while the indebted property developer struggles to complete unfinished projects, the Wall Street Journal reported on Monday.With more than $300 billion in liabilities - roughly the size of Finland's gross domestic product - Evergrande has become the poster child of a debt crisis in China's property sector, which contributes to roughly a quarter of the economy.

Evergrande has been working to get creditors' approval for restructuring its offshore debt. The process grew more complicated last week after Evergrande said it was unable toThe offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said.

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