SHANGHAI, Sept. 16 (Reuters) – China Evergrande Group’s main unit, Hengda Real Estate Group Co. Ltd., said on Thursday it had applied to suspend trading in its land corporate bonds for a day and would change the mechanism of trading in the resumption of trade, citing a downgrade.
Hengda had received notice on September 15 from the China rating agency Chengxin International (CCXI) that the ratings of its bonds had been downgraded to A from AA, and that both the ratings of the bonds and the ratings of the its emitters were included in a watch list for further degradation. he said in a statement.
Trading in its Shanghai-traded bonds through an auction would be suspended until further notice from September 16 and was only traded through trading.
Reports by Samuel Shen and Andrew Galbraith; Edited by Jacqueline Wong