Evergrande shares plunge as much as 24 per cent
Shares of China Evergrande plunged as much as 24% on Monday after the embattled developer said it was unable to issue new debt due to an ongoing investigation into one of its subsidiaries, dealing a fresh blow to its restructuring plans. “In view of Hengda Real Estate Group Co Ltd, a principal subsidiary of the company, being investigated, the group is unable to meet the qualifications for the issuance of new notes under the present circumstances,” Evergrande said in a statement late on Sunday.
The development opens a new front for the world’s most indebted company just a week after police detained some staff at its wealth management unit, sending its shares slumping and piling more pressure on Evergrande’s restructuring plans. Earlier this month, Evergrande said it had delayed making a decision on offshore debt restructuring from September to next month to allow holders of its debt more time to consider its proposal.
Prominent developers such as Country Garden Holdings continue to teeter close to default, keeping home buyer sentiment depressed and prompting Beijing to implement a raft of measures to prop up the sector and spur property demand.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Evergrande shares sink after saying it is unable to issue new debtShares of China Evergrande plunged as much as 24% on Monday after the embattled developer said it was unable to issue new debt due to an ongoing investigation into one of its subsidiaries, dealing a fresh blow to its restructuring plans. 'In view of Hengda Real Estate Group Co Ltd, a principal subsidiary of the company, being investigated, the group is unable to meet the qualifications for the issuance of new notes under the present circumstances,' Evergrande said in a statement late on Sunday. In August, Hengda Real Estate said it was being investigated by China's securities regulator for suspected violation over the disclosure of information.
Read more »
China Evergrande: unable to meet qualifications for issuance of new notesBEIJING (Reuters) -China Evergrande said on Sunday that in view of an investigation into Hengda Real Estate Group, its flagship onshore unit, it was unable ...
Read more »
Evergrande shares sink after saying it is unable to issue new debtHONG KONG (Reuters) - Shares of China Evergrande plunged as much as 24% on Monday after the embattled developer said it was unable to issue new debt ...
Read more »
59 Men And Women Come Together In This Thread And Share How Creepy Men Can BeIt is possible to move past a woman without touching her waist, I promise.
Read more »
55 Passengers Share Their Most Horrifying Flight StoriesTaking hundreds of people, lifting them up 30,000 feet, and transporting them to another corner of the world in a matter of hours is no small feat. From time to time, various challenges do arise.
Read more »
Coldbrook, N.S., couple discovers new hobby, starts beekeeping club to share passionAs Thelma and Wayne MacDonald’s love blossomed, so too did a passion for beekeeping. The Coldbrook couple married about five years ago. They started ...
Read more »