China Evergrande Group: Heavily indebted Evergrande has become a symbol of the years-long crisis in China s property market, and last month its onshore unit was accused of a $78 billion revenue overstatement.
The IMF has warned that China’s financial stability is in danger as the country s real estate market continues to spiral out of control, leading the agency to lower its growth estimates for the country.
Shares in the electric vehicle arm of Chinese property giant Evergrande resumed trading on Monday after more than a week s suspension and a halt on its new share deal triggered by a criminal probe against its boss last month. Evergrande Vehicle was the last to resume trade, one week later than Evergrande Group and Evergrande Property Services, as its deal to issue 6.18 billion new shares for a total consideration of HK$3.89 billion ($496.72 million) was suspended.
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