"Evergrande shares closed 10.2% lower in Hong Kong on Monday, a slight recovery after being down 19% in the morning, hitting an 11-year low.
The company, China’s second-biggest developer which owes $300bn to contractors, investors and homebuyers, dragged the Hang Seng index down to its lowest point for nearly a year.
Other large Hong Kong property stocks such as New World Development and Henderson Land were also seeing double-figure drops in their prices on Monday amid widespread expectation that Evergrande, which has been crushed by a Beijing crackdown on highly leveraged developers, will default on some of its repayments this week.
It is feared such a move could cause a possibly chaotic knock-on effect through the Chinese economy and beyond."
https://www.theguardian.com/world/2021/sep/20/shares-in-chinas-evergrande-plunge-again-as-fears-of-contagion-grow?__twitter_impression=true
The company, China’s second-biggest developer which owes $300bn to contractors, investors and homebuyers, dragged the Hang Seng index down to its lowest point for nearly a year.
Other large Hong Kong property stocks such as New World Development and Henderson Land were also seeing double-figure drops in their prices on Monday amid widespread expectation that Evergrande, which has been crushed by a Beijing crackdown on highly leveraged developers, will default on some of its repayments this week.
It is feared such a move could cause a possibly chaotic knock-on effect through the Chinese economy and beyond."
https://www.theguardian.com/world/2021/sep/20/shares-in-chinas-evergrande-plunge-again-as-fears-of-contagion-grow?__twitter_impression=true