'China Evergrande Applies For Trading To Resume In Hong Kong On Tuesday' - SCMP
Portfolio Pulse from Benzinga Newsdesk
China Evergrande Group has applied for trading of its shares to resume on Tuesday, following a suspension due to the detention of its founder Hui Ka-yan. The company's property services arm, Evergrande Property Services, has also applied for trading to resume. Evergrande, the world's most indebted developer, has struggled to restructure its offshore debt and sparked a crisis in China's property sector when it defaulted two years ago. The crisis has now widened, affecting other developers like Country Garden Holdings.
October 02, 2023 | 2:16 pm
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NEGATIVE IMPACT
China Evergrande Group's application to resume trading could impact the iShares China Large-Cap ETF (FXI), which may include Evergrande among its holdings. The ongoing crisis in China's property sector, including Evergrande's debt issues and the concerns around Country Garden Holdings, could negatively affect the ETF.
Evergrande's debt crisis and the wider issues in China's property sector could negatively impact the iShares China Large-Cap ETF (FXI), as it likely includes Chinese real estate companies among its holdings. If Evergrande's shares resume trading, they could face selling pressure, which could in turn affect the ETF's performance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 75