Asian markets mixed; China Evergrande shares suspended
ABC News
Asian markets are mixed, with Hong Kong's benchmark down more than 2% after troubled property developer China Evergrande's shares were suspended from trading
Asian markets were mixed on Monday, with Hong Kong’s benchmark down more than 2% after troubled property developer China Evergrande’s shares were suspended from trading.
China Evergrande did not say why it halted trading of its shares, but a Chinese financial news service, Cailian, said another major developer was planning to buy Evergrande's property management unit.
Evergrande is struggling to make payments on more than $300 billion of debt as it endures a cash crunch brought on by a tightening of Chinese government restrictions on debt-leveraged financing.
The Hang Seng sank 2.5% to 23,96.25 while Tokyo's Nikkei 225 dropped 1.1% to 28,444.89. Shares fell 1% in Taiwan.