China Evergrande Resumes Stock Trading... Last Year's Sales Plunge 38.7%

[Asia Economy Reporter Seulgina Jo] The sales of China’s real estate developer Evergrande, which is in a state of default, dropped by nearly 40% last year. Evergrande resumed trading of its shares on the Hong Kong Stock Exchange from the afternoon of the 4th.

According to economic media CNBC and others, Evergrande announced through a disclosure on the Hong Kong Stock Exchange that its real estate sales contract amount last year was 443 billion yuan (69.22 billion dollars), down 38.7% compared to the previous year.

Evergrande also reiterated its previous position regarding the recent liquidity crisis, stating that it "continues communication with creditors, strives to reduce risks, and protect the interests of stakeholders."

Trading of Evergrande’s shares on the Hong Kong Stock Exchange resumed from 1 p.m. that day. Earlier, Evergrande had announced just before the market opened on the first trading day of the new year that it would suspend trading for the time being without providing a specific reason. Evergrande also requested a trading suspension last October during the process of selling shares of its property management subsidiary, Evergrande Property Services.

On the same day, CNBC reported that Evergrande’s stock price showed an increase of around 3% on the Hong Kong stock market. Evergrande’s stock price has plummeted more than 88% over the past 250 trading days.

On the same day, Evergrande received an order from the Danzhou authorities in Hainan Province to demolish buildings constructed on the artificial island Haihuadao, confirming that the order applies to 39 buildings.

This content was produced with the assistance of AI translation services.