China Evergrande soars after property developer’s stocks resume trading

Published October 2, 2023 10:18 PM

By ZEN SOO
AP Business Writer

HONG KONG (AP) — Shares of debt-laden property developer China Evergrande Group have soared after they resumed trading in Hong Kong following a suspension last week. By midday Tuesday, Evergrande’s shares were up nearly 16% after jumping more than 60% early in the session. The company’s stock was suspended from trading last week as it confirmed Chinese police were investigating its chairman, Hui Ka Yan, on “suspicion of illegal crimes.” Evergrande is the world’s most heavily indebted real estate developer and is at the center of a property market crisis that is dragging on China’s economic growth.

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