Hong Kong: Hang Seng to remove Evergrande from China Enterprises index

Source: CNBC

“Hong Kong’s benchmark provider Hang Seng announced it will remove troubled Chinese real estate developer Evergrande from one of its indexes — the China Enterprises index. At the same time, it’s set to add Chinese technology giants JD and Netease to its main benchmark Hang Seng index. All the changes will take effect Dec. 6. The index provider did not provide a reason for the decision to remove Evergrande from the 50-stock China Enterprises index. The embattled property developer has been snowed under by debt problems, and warned in September that it could default. While the real estate giant has managed to cough up the cash to make some interest payments so far, its future still hangs in the balance and S&P Global Ratings said last week it could still default.” (11/22/21)