China Evergrande Group's shares were suspended from trading on the Hong Kong Stock Exchange on Monday morning as the company raced to deliver apartments to millions of home buyers and raise cash to manage its $300 billion in debt.
The shares of Evergrande were halted pending an announcement containing inside information. In October, the company halted its shares as it tried to finalize the sale of its property management unit.
The deal fell through.
The giant property developer entered into default last month after failing to make a final debt payment. The company is facing dozens of lawsuits and owes an estimated 1.6 million apartments to home buyers.
Evergrande promised last week to finish building 39,000 apartments by the end of 2021. The announcement sent Evergrande shares soaring, but they dropped the next day after the company failed to meet another payment deadline.
On Friday, Evergrande appeared to revise its plan to repay investors in its wealth management unit, promising to make monthly payments of about $1,260 to each investor for three months. Previously, it had not given a specific amount. The situation was not ideal, Evergrande said in its statement to wealth management investors on Friday.
At one point, as many as 80 percent of Evergrande employees were asked to put money into wealth management products to help fund its operations. In September, Evergrande employees, contractors and home buyers protested outside company offices.
Government officials joined a risk committee to help steer Evergrande.
