BEIJING, Oct 21 — Chinese property giant Evergrande’s shares plunged today after resuming trading in Hong Kong, with the failure of a unit sale deal deepening fears the indebted firm will collapse and send shockwaves through the world’s second-largest economy.
In a stark assessment of its current state of trading, Evergrande said it had sold only 405,000 square metres of real estate throughout September and October so far — normally a peak period for sales. The Shenzhen-based company has missed several payments on dollar-denominated bonds, and a 30-day grace period on an offshore note is up on Saturday.Fears that Evergrande could collapse and send shockwaves through the Chinese economy have rattled buyers and markets — even though Beijing has insisted any fallout would be containable.
Hong Kong-listed Sinic Holdings became the latest to miss a payment, while mid-sized competitor Fantasia also failed to meet obligations in recent weeks.
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