Trading of shares of heavily indebted property developer China Evergrande suspended in Hong Kong

By ZEN SOO
Associated Press

HONG KONG (AP) — The Hong Kong stock exchange says trading of shares of heavily indebted Chinese property developer China Evergrande Group has been suspended. China Evergrande said in a notice on Thursday night that authorities had informed the firm that its chairman Hui Ka Yan had been subjected to “mandatory measures in accordance with the law due to suspicion of illegal crimes” and said that trading in the firm’s shares was suspended until further notice. The company didn’t elaborate on the crimes that Hui was suspected of. Evergrande is the world’s most heavily indebted real estate developer and is at the center of a property market crisis that is dragging on China’s economic growth.