Shares of Evergrande have 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 $US305 billion of liabilities could spark broader risks to the country’s financial system if not stabilised.
As of 0740 GMT on Monday the stock was off 12.2 per cent to $HK2.23, after earlier plummeting 19 per cent to its weakest level since May 2010.
The company’s property management unit dropped 12 per cent, while its electrics car unit declined 2 per cent. Movie streaming company Hengten Net, major…
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