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China property stocks tumble as Evergrande drops 25% on debt restructuring roadblock

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Chinese real estate giant Evergrande announced it is unable to issue new notes, and rescheduled a debt restructuring meeting with its creditors.

This comes as after the company said that it would delay a debt restructuring meeting due Monday.

On Sunday, the company also revealed that due to an investigation into subsidiary Hengda Real Estate, it was unable to issue new notes under its debt restructuring plan.The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China.Hong Kong-listed shares of embattled Chinese real estate firmtumbled as much as 25% on Monday, after the company said that it would delay a debt restructuring meeting due later today.

 

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