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

Finance

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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.”

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