HomeBusinessMoneyBUSINESS LIVE: Evergrande shares frozen

BUSINESS LIVE: Evergrande shares frozen

BUSINESS LIVE: Evergrande shares frozen; Tesla shares surge despite disruption; New takeover rules come into force

Shares in Evergrande were suspended in Hong Kong yesterday following reports it has been ordered by officials to demolish dozens of buildings.

The troubled Chinese property giant said in a filing to the Hong Kong Stock Exchange that trading would be stopped pending the release of ‘inside information’ but did not provide any further details.

Tesla shares surged yesterday after it delivered a record number of vehicles.

The electric car maker’s stock gained 13.5 per cent after it shrugged off supply chain issues to deliver 308,600 vehicles in the fourth quarter of 2021, up from 180,570 in the same period the year before.

A string of high profile buyouts of UK companies could be in doubt as government powers to block foreign takeovers come into force.

The National Security and Investment ACT will allow ministers to scrutinise acquisitions that could harm Britain’s national security, and the Government must now investigate deals in 17 sensitive industries including energy, artificial intelligence, nuclear, space and advanced robotics.

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Evergrande has a £222billion debt pile, the largest of any property developer in the world

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