Evergrande shares plunge on market return as deal falls through

BEIJING: Shares in Chinese property giant Evergrande plunged on Thursday after resuming trading in Hong Kong, with the failure of a unit sale deal deepening fears the indebted company will collapse.

A deal worth HK$20.04 billion to sell a 50.1 per cent stake in its property services arm had fallen through, it added in a separate statement. In an expansion spree Xu - also known as Hui Ka Yan in Cantonese - bought the then-embattled Guangzhou football team in 2010, renaming it Guangzhou Evergrande and pouring money into world-class players and coaches.

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