Real Estate

China Evergrande shares reopen higher; developer says contracted sales dropped 38.7% in 2021

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An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018.
Bobby Yip | Reuters

BEIJING — Indebted property developer China Evergrande‘s contracted sales plunged last year as the real estate giant struggled to repay creditors.

A filing Tuesday showed the company’s contracted sales of properties totaled 443.02 billion yuan ($69.22 billion) last year, down 38.7% from the 723.25 billion yuan in contracted sales reported for 2020.

Evergrande said it applied for shares to resume trading in Hong Kong at 1 p.m. on Tuesday, according to the filing. Trading was halted as of 9 a.m. Monday.

The company added it “will continue to actively maintain communication with creditors, strive to resolve risks and safeguard the legitimate rights and interests of all parties.”

This is breaking news. Please check back for updates.

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