HONG KONG (AP) — Shares in troubled real estate developer China Evergrande Group and its property management unit Evergrande Property Services have been suspended from trading in Hong Kong. Cailian, a Chinese online news service affiliated with the state-run newspaper Securities Times, said another developer was acquiring a majority share in Evergrande Property Services Group. Evergrande has been struggling to avoid defaulting on billions of dollars of debt. The company itself did not specify why its shares were stopped from trading. Evergrande Group owes billions to banks, customers and contractors and is facing a cash crunch. The developer’s situation worsened after the government tightened limits on corporate debt levels.
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