China: Evergrande suspends shares in Hong Kong as firm tries to raise cash

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Evergrande has suspended trading in its Hong Kong shares as investors await news on its restructuring plan.

The stock exchange did not give a reason for the trading halt.

Evergrande is trying to raise cash by selling assets and shares to repay its debts.

Last week, the company decided not to repay investors in its wealth management products.

Each investor in Evergrande's wealth management product could expect to receive a monthly principal payment of $1,257 regardless of when the investment matures.

When the product matures, the company will repay 10% of the investment, but they had not mentioned any amount.

In a statement posted on the wealth unit's website, Evergrande said that the situation was not ideal and that it would "actively raise funds" and update the repayment plan in late March.

The cash squeeze at the struggling property developer was highlighted by the announcement.

Evergrande did not make any interest payments on its bonds last week.

The company's $19 billion in international bonds were deemed to be in default by rating agencies after it missed a payment.

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China's Evergrande crisis is a big deal for the world.