Evergrande breaks Chinese property

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Evergrande. Remember the name. Australian historians will. Yesterday it broke the Chinese property sector as its bonds were suspended:

In order to ensure fair information disclosure and protect the interests of investors, after the company’s application, all existing corporate bonds of Evergrande Real Estate will be suspended for one trading day from the opening of the market on September 16, 2021, and will be opened on September 17, 2021.

Since the market resumes trading, the above-mentioned bond trading methods will be adjusted from the date of resumption of trading. Among them: (1) The trading methods of “15 Evergrande 03”, “19 Evergrande 01”, and “19 Evergrande 02” have been adjusted to only adopt quotation, inquiry and agreement trading methods since the date of resumption of trading. Shanghai Branch of Registration and Settlement Co., Ltd. provides settlement by transaction; (2) “20 Evergrande 01”, “20 Evergrande 02”, “20 Evergrande 03”, “20 Evergrande 04”, “20 Evergrande 05” The trading methods of “21 Evergrande 01” and “21 Evergrande 01” have been adjusted to only adopt the negotiated block trading method since the resumption of trading, and the original net price pricing method will be maintained.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.