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China debt crunch

China Evergrande shares suspended pending 'major' transaction

Property management unit also halted while Hopson says announcement on the way

Among assets Evegrandd would like to sell are shares in Evergrande Property Services, which boasts stronger financials than its parent.   © Reuters

HONG KONG -- Shares in troubled developer China Evergrande Group and its property management unit were suspended from trading in Hong Kong on Monday ahead of a possible sale of a majority stake in the subsidiary, a move that could shore up the parent company's fast depleting liquidity.

Evergrande's listed electric vehicle unit, also running out of cash, continued to trade. It rose as much as 34.8% on Monday to reach its highest level since mid-September. The shares closed up 29.1% at HK$3.90.

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