Evergrande's stock price dipped to HK$0.47 in early morning trade, the lowest in two weeks. It pared losses by 10am local time, down 11 per cent, lagging a 0.9 per cent fall in the broader Hang Seng Index .
The drop comes two days after police in the southern Chinese city of Shenzhen said in a statement that several employees of Evergrande's financial subsidiary, Evergrande Wealth Management, were arrested.The statement called on the public to report any cases of suspected fraud. Evergrande, the world's most-indebted property developer with an estimated debt of US$328 billion at the end of June, has been at the centre of China's deepening market crisis, raising fears of a global spillover.Once a star player in an industry key to China's economic growth, Evergrande's enormous debt has been seen by Beijing as an unacceptable risk for the country's financial system.
Authorities have gradually tightened developers' access to credit since 2020, and a wave of defaults has followed - notably that of Evergrande. On Friday, China's national financial regulator greenlighted a takeover of Evergrande's insolvent insurance subsidiary, Evergrande Life Insurance, by new state-owned vehicle Haigang Life Insurance.
Source: News Formal (newsformal.com)
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