HONG KONG : Shares of China Evergrande Group tumbled 12per cent to an 11-year low on Monday after the firm said there was no guarantee it would have enough funds to meet debt repayments, prompting Chinese authorities to summon its chairman.
Evergrande, once China's top-selling developer, is grappling with more than US$300 billion in liabilities. A collapse could send shockwaves through the country's property sector and beyond. That prompted the government of Guangdong province, where the company is based, to summon Evergrande Chairman Hui Ka Yan, and it later said in a statement it would send a working group to the developer at Evergrande's request to oversee risk management, strengthen internal controls and maintain normal operations.
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