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Shares of Evergrande suspended amid reports its chairman under surveillance

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Shares of Evergrande were suspended on Thursday, Hong Kong’s exchange announced. Seen here are residential buildings under construction at the Tao Yuan Tian Jing project, developed by China Evergrande Group, in Yangzhou, China.

Bloomberg | Getty Images

Shares of China Evergrande Group were suspended on Thursday, Hong Kong’s exchange announced.

The chairman of the embattled Chinese real estate developer has reportedly been placed under surveillance, according to Bloomberg News.

Evergrande shares last closed at 32 Hong Kong cents on Wednesday.

This is not the first time that Evergrande’s shares have been suspended. Trading was suspended in March last year and only resumed trading on Aug. 28, after a 17 month hiatus.

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Earlier this month, Evergrande delayed a debt restructuring meeting with creditors, saying in a filing “the sales of the Group has not been as expected by the company” since its March debt restructuring announcement.

As such, Evergrande “considers it necessary to re-assess the terms of the proposed restructuring to meet the company’s objective situation and the demand of the creditors.”

The company also revealed that due to an investigation into subsidiary Hengda Real Estate, it was unable to issue new notes under its debt restructuring plan.

Chinese property giant Evergrande has a huge debt problem – here's why you should care

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