Evergrande shares suspended amid heightened concerns over its future

Evergrande's shares have been suspended ahead of "an announcement containing inside information about a major transaction", the troubled China property company said in a statement to the Hong Kong stock exchange.

It comes amid widespread reports that a rival real estate firm is reportedly set to buy a majority stake in an Evergrande unit.

The crisis at the world's most indebted property developer has prompted a big debate about possible contagion across world markets if it were to fail.

Evergrande Group said that its shares had been suspended from trading "pending the release by the Company of an announcement containing inside information about a major transaction."

Evergrande continues to be in a limbo state as it continues to miss deadlines on interest payments raising questions of whether bondholders will ever get paid.