Evergrande suspends shares in Hong Kong as firm tries to raise cash

Crisis-hit Chinese real estate giant Evergrande has suspended trade in its shares in Hong Kong as investors await news on its restructuring plan.

The statement to the stock exchange did not give a reason for the trading halt.

Evergrande has more than $300bn (£222bn) of debt and is scrambling to raise cash by selling assets and shares to repay suppliers and creditors.

Last week, the company dialled back plans to repay investors in its wealth management products.

Evergrande said on Friday that each investor in its wealth management product could expect to receive $1,257 each month as principal payment for three months irrespective of when the investment matures.

The company had earlier not mentioned any amount and had agreed to repay 10% of the investment by the end of the month when the product matures.

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