The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China.
Liang Xiashun | Visual China Group | Getty Images
Hong Kong-listed shares of embattled Chinese real estate firm Evergrande tumbled as much as 25% on Monday, after the company said that it would delay a debt restructuring meeting due later today.
Shares of other major Chinese property stocks in Hong Kong also fell as the sector saw a sell-off.
The Hang Seng Mainland Properties index slid just over 4% on Monday, while other real estates stocks took a beating. Country Garden was down 7.69%, Logan Group fell 7.95%, while R&F Properties was down 6.62% on Monday.
Shares of Evergrande traded as low as 41 Hong Kong cents on Monday.
To be clear, Evergrande shares have plunged as much as 87% after resuming trade on Aug. 28, turning it into a penny stock. Trading was suspended in March last year.
In a filing with the Hong Kong exchange late Friday, Evergrande said “the sales of the Group has not been as expected by the company” since its March debt restructuring announcement.
As such, Evergrande “considers it necessary to re-assess the terms of the proposed restructuring to meet the company’s objective situation and the demand of the creditors.”
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
