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Evergrande Debt Fears Mount, Weighing on Chinese Stocks

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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%.

 

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