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Evergrande bond trading halted on reports of cash crunch

World’s most indebted property group denies seeking government financial assistance

Trading in the onshore bonds of China Evergrande, the world’s most indebted property group, was halted after reports it was seeking government support to stave off a cash crunch.

Shanghai’s stock exchange suspended trading in Evergrande debt for half an hour on Friday morning, citing “abnormal fluctuations”, after prices plunged from just under Rmb90 ($13.19) to as low as Rmb67.20, compared to their par value of Rmb100.

Evergrande’s shares and debt swung wildly after a letter, purportedly from the company, circulated on Chinese social media on Thursday requesting support for a previously planned reorganisation from the provincial government in Guangdong, where Evergrande is based.

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