News Formal

Evergrande Debt Fears Mount, Weighing on Chinese Stocks

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Widely held Chinese stocks like the e-commerce names have been highly sensitive to economic data and news out of the distressed property sector.

A gloomy development for distressed Chinese property developer Evergrande Group has catalyzed the latest bout of worries over the world’s second-largest economy.

Evergrande said in a Hong Kong filing last Friday that it would not hold expected meetings with creditors on Monday and Tuesday over a proposed restructuring, with a filing on Sunday revealing that the company cannot issue new debt. Due to an investigation by regulators into its Hengda subsidiary, Evergrande does not meet the qualifications to issue new notes, the group said.

Shares in Evergrande tumbled 21.8% in Hong Kong trading on Monday. Other property stocks also suffered, with Country Garden down 7.7%.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China property stocks tumble as Evergrande drops 25% on debt restructuring roadblockChinese real estate giant Evergrande announced it is unable to issue new notes, and rescheduled a debt restructuring meeting with its creditors.
Source: CNBC - 🏆 12. / 72 Read more »