Asian markets posted mixed results in Monday trade, with the Hang Seng Index in Hong Kong plunging over 2% following its returns from a Friday holiday.
- The Hang Seng Index dropped 2.19% to 24,036.37 before the market closed in Hong Kong. The trading in stocks of China Evergrande was stopped as investors continued to raise concern over the indebted property developer.
- Trading in the shares of Evergrande Property Services was also stopped, with the company indicating in an exchange filing that there is an impending announcement relating to a “possible general offer for the shares of the company.”
- At the same moment, the shares of another Chinese property developer Hopson were also halted. Hopson stated in a filing that it had stopped its shares, waiting for a “major transaction” under which it has accepted to buy the shares of another firm.
Investors continued to assess the situation relating to the debt concerns of Evergrande, which has missed two bond interest payments in the few weeks.
Hang Seng Index down -2.19%