HONG KONG (Reuters) -China Evergrande Group's latest trouble in firming up a long-pending debt restructuring plan led to a sell-off in its and peers' ...
HONG KONG - 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 itsGourmet Chicken Tenders: Recipe in Description | SaltWire #QuickRecipes #FoodShorts #CookingShortsHONG KONG -China Evergrande Group's latest trouble in firming up a long-pending debt restructuring plan led to a sell-off in its and peers' shares on Monday, as worries resurfaced about the crisis-hit...
In an unexpected development, the embattled developer said late on Sunday it was unable to issue new debt due to an ongoing investigation into its main domestic subsidiary, Hengda Real Estate Group Co Ltd. "Its debt restructuring plan is now stuck and can't go any further," said Steven Leung, sales director at UOB Kay Hian in Hong Kong."Other options, such as converting the debt into shares of other listed units, are also seen not workable now."
"Concern over the financial health still clouds the property sector, especially those smaller property developers with high gearing but very few property projects on hand," Leung said.A string of leading Chinese developers have defaulted on their offshore debt obligations since the property sector was hit by an unprecedented liquidity crisis in 2021 after regulators reined in a debt-fuelled building boom.
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