Stock market today: Chinese stocks lead Asia's gains, Evergrande faces liquidation
ABC News
Asian markets have opened the week on a positive note after Wall Street closed another winning week with a mixed finish
HONG KONG -- Asian markets opened the week on a positive note, with Chinese regulators announcing measures to support the country’s teetering stock markets while heavily indebted property developer China Evergrande was ordered to undergo liquidation.
U.S. futures were lower while oil prices gained.
China's securities regulator announced on Sunday that beginning Monday, China will suspend the lending of specific shares for short selling, a move to support the country’s declining stock markets. The specific shares refer to Restricted Stock, which is typically allocated to employees or certain investors subject to sales restrictions.
The Hang Seng in Hong Kong added 0.9% % to 16,102.02 and the Shanghai Composite index was up 0.3% at 2,918.81.
China Evergrande Group will be liquidated after a Hong Kong High Court approved a creditor petition on Monday. The heavily indebted developer repeatedly had asked authorities to grant it more time to work out a resolution for its offshore debts. Evergrande has more than $300 billion in liabilities and can appeal the order.
