Economy

Asian stocks are falling. Evergrande suspended ads suspended

It closed lower in major Asian markets after last week’s recovery. Hong Kong left 0.7% on the ground, Shanghai 0.1%, Seoul 0.7% while Tokyo is closed for holidays.

Investors are waiting to see if Russia will meet its upcoming foreign debt maturities. It has to pay out $615 million in coupons this month, while the $2 billion bond expires on April 4.

Evergrande and its subsidiaries Evergrande Property Services Group and China Evergrande New Energy Vehicle Group have been suspended from trading on the Hong Kong Stock Exchange as of today pending an announcement. The second China Real Estate Group, based in Shenzhen, said in January it was aiming for an initial proposal within six months aimed at restructuring the accumulated debt of more than $300 billion. The suspension, the second of its kind this year, has an expected repayment commitment of $2 billion on Wednesday and another next month of $1.4 billion. The troubled group was classified as in default by international rating firms in December after it failed to meet its obligations in a timely manner while avoiding default.

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