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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

Evergrande shares soar as trading in crisis-hit China firm resumes

Evergrande China Hui Ka Yan Police United States
An Evergrande sign near a residential complex in Beijing, China
An Evergrande sign near a residential complex in Beijing, China. The company has struggled under a numtibillion-dollar debt mountain. Photograph: Florence Lo/Reuters

Shares in the embattled Chinese property developer Evergrande jumped after trading resumed in Hong Kong after their suspension last week.

Shares soared more than 40% early on and closed up 28%. Trading in Evergrande and its property services and electric vehicle subsidiaries was suspended on Thursday, after a Bloomberg report that the company’s billionaire chairman and founder, Hui Ka Yan, was under police surveillance. On Friday, the company said he was being investigated over suspected “illegal crimes”.

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