China’s Evergrande Shares Tumble as Hong Kong Trading Resumes

Shares of Chinese real estate developer Evergrande Group have finally been allowed to show their true colors, reporting an 86.7 percent drop as trading resumed in Hong Kong.

A worker pusher a cart in front of a sign showing Evergrande Group's China operation at a housing complex by the property developer in Beijing on December 8, 2021. (Photo by Noel Celis / AFP) Photo by NOEL CELIS/AFP via Getty Images

China’s Evergrande Group tumbled 79 percent in Hong Kong trading on Aug. 28 as shares of the real estate developer resumed trading for the first time since its unexplained suspension in March 2022.

Shares listed in Hong Kong fell to HK$0.35, with its market capitalization shrinking to HK$4.6 billion ($586.29 million) from HK$21.8 billion ($2.78 billion) when it last traded.