Evergrande Vehicle’s shares dipped slightly in Hong Kong trading before climbing more than 7% after more than a week’s halt.
Trading in Hong Kong was only open in the afternoon on Monday as the city’s bourse was closed for the morning session due to a typhoon.Trading of all three Evergrande companies listed in Hong Kong was halted on September 28, when the behemoth confirmed its founder and chairman Xu Jiayin was suspected of “illegal crimes”, following reports of him being held by police.
With an estimated debt of US$328 billion at the end of June, Evergrande has become a symbol of China’s ballooning property crisis, which has seen several high-profile firms engulfed in a sea of debt, fuelling fears about the country’s wider economy and a possible global spillover.