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China's Evergrande Property applies to resume trading on Hong Kong exchange

FILE PHOTO: Headquarters of China Evergrande Group in Shenzhen

(Reuters) - Evergrande Property Services Group Ltd said on Wednesday it had applied to the Hong Kong Stock Exchange to resume trading of the company's shares from Aug. 3.

Shares of the company, the property services unit of China Evergrande Group, have been suspended from trading since March 21, 2022, after being sucked into a debt crisis in mid-2021 that had hit multiple Chinese property developers.

The company posted its long-overdue financial results in June this year, reporting a 46.4% plunge in its fiscal 2022 profit when compared with fiscal 2020.

The property services unit said it has sufficient assets for its business operations and expects to maintain a growth level of revenue and net profit comparable to that of property service industry leaders.

(Reporting by Riya Sharma in Bengaluru; Editing by Krishna Chandra Eluri)