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CORRECTED-UPDATE 1-China developer Evergrande shares suspended from trade in Hong Kong -bourse
October 3, 2016 / 6:06 AM / a year ago

CORRECTED-UPDATE 1-China developer Evergrande shares suspended from trade in Hong Kong -bourse

(Corrects to “million” from “billion” in 2nd last paragraph)

HONG KONG, Oct 3 (Reuters) - Shares in Chinese property developer Evergrande Group were suspended from trading in Hong Kong on Monday afternoon, the stock exchange said, without giving a reason for the halt.

Evergrande, the country’s no. 2 developer by sales for the first half of this year, said it would issue a statement later in the day.

Highly acquisitive Evergrande has captured investor attention after amassing some $57 billion in debt, although it has a market value of about $10 billion.

It has also bought shares worth $2.2 billion in rival China Vanke , putting itself itself in the middle of a high profile corporate battle.

Last week it said it was selling some non-core assets for $405 million.

Its shares last traded at HK$5.24, unchanged from Friday.

Reporting by Clare Jim; Editing by Edwina Gibbs

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