Reuters

China Evergrande onshore bond trading suspended after downgrade

HONG KONG/SHANGHAI (Reuters) -China Evergrande Group’s main unit, Hengda Real Estate Group Co Ltd, applied on Thursday to suspend trading of its onshore corporate bonds following a downgrade, as the country’s No.2 property developer wrestles with a liquidity crisis. The application follows repeated trading freezes of the bonds in recent days by the Shanghai and Shenzhen stock exchanges due to volatile trade. With total liabilities of more than $300 billion, Evergrande is scrambling to raise funds as it teeters between a messy meltdown with far-reaching impacts, a managed collapse or a government bailout.

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