China developer Evergrande resumes trading in Hong Kong

HONG KONG, China — Shares in troubled Chinese property giant Evergrande resumed trading in Hong Kong on Monday after the company was suspended for 17 months for not publishing its financial results.

Trading "resumed at 9:00 am (0100 GMT) today", according to a notice posted on the Hong Kong stock exchange. 

The move comes after the company said in a filing on Friday that it had "fulfilled the resumption guidance" set out by the bourse, including belatedly publishing its financial results and complying with other listing rules.

Its shares plunged 86.67 percent at the opening. 

Once China's largest real estate firm, Evergrande defaulted in 2021 and is saddled with more than $300 billion in liabilities, becoming a symbol of the nationwide property crisis that many fear could spill over globally.

The company on Sunday reported fresh losses for the first half of the year amounting to 33 billion yuan ($4.53 billion), as well as dwindling liquidity, with just $556 million in cash assets.

Evergrande's creditors will vote Monday on a proposal from the developer regarding its offshore debt that is shaping up to be one of China's biggest restructurings ever.

The plan offers creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group.

Earlier this month, the company filed for bankruptcy protection in the United States, a measure to protect its US assets during its restructuring.