Trading in some debt issued by China Evergrande was temporarily halted on Friday, as the under-pressure property developer’s bonds tumbled to new lows on fears of a deepening liquidity crisis.
Investors were briefly unable to buy and sell the company’s debt in Shenzhen in morning trading after prices fell more than a daily limit of 20 per cent, according to the southern Chinese city’s stock exchange. The yield on a renminbi-denominated bond maturing in 2023 was about 49 per cent prior to the trading suspension, data provider Wind showed.
A separate bond on Shanghai’s stock exchange was halted because of “abnormal volatility”, according to a statement, before trading resumed.
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