An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/File Photo
HONG KONG, Sept 20 (Reuters) – Shares of Evergrande on Monday plunged to over 11-year lows, extending losses as executives try to salvage its business prospects and as default fears grow over a looming deadline for payment obligations this week.
Evergrande has been scrambling to raise funds to pay its many lenders, suppliers and investors, with regulators warning that its $305 billion of liabilities could spark broader risks to the country’s financial system if not stabilised.
As of 0740GMT, the stock was off 12.2% to HK$2.23, after earlier plummeting 19% to its weakest level since May 2010.
The company’s property management unit (6…
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