China's Evergrande shares slump to 11-year lows on growing default fears

A China Evergrande Group sign is shown atop the Evergrande Center in Shanghai. Picture: BLOOMBERG/QILAI SHEN

The stock closed down 10.2% at HK$2.28 , after earlier plummeting 19% to its weakest level since May 2010. Lin said Evergrande's share price could fall to below HK$1 if the company is forced to sell most of its assets in a restructuring. Policymakers are telling Evergrande's major lenders to extend interest payments or rollover loans, and market watchers are largely of the view that a direct bailout from the government is unlikely.

In any default scenario, Evergrande will need to restructure the bonds, but analysts expect a low recovery ratio for investors. Trading of the company's bonds underscored just how dramatically investor expectations of its prospects have deteriorated this year.

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