Insolvent Chinese property developers are running out of road to play “extend and pretend” as the financial reckoning day bears down on them. Coming soon to a property bubble near you.
China Evergrande, which defaulted on its dollar-denominated bonds in December, is getting an early stock delisting warning as the developer struggled to publish its audited accounts and report on a US$2 billion enforcement action by lenders.
The Hong Kong stock exchange on Tuesday issued a “resumption guidance” for the Shenzhen-based home builder to comply with its listing rules, according to a filing, as the stock remained suspended from trading since March 21.
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