Evergrande shares fell in price again by more than 20% – Kommersant

Today, troubled Chinese construction company Evergrande Group fell 23% in trading on the Hong Kong Stock Exchange. Reasons media consider a statement from the company itself about postponing the meeting scheduled for today to restructure its debt. In addition, yesterday the company reportedthat because of the investigation into its Hengda Real Estate unit, it cannot yet issue new bonds to restructure its debt.

This is the second consecutive decline in Evergrande shares this month. Last week quotes dropped by 25% after news of the police arrest of several company employees. The head of Evergrande’s wealth management division, Du Liang, and several other people were detained. The police are not disclosing the nature of the charges, and the exact number of detainees is not indicated. Evergrande crisis continues from 2021. Then it became known about the holding’s serious financial problems. The company’s debt reaches $328 billion. Last year, Evergrande experienced a technical default on its debt obligations, and the company’s restructuring process is still ongoing.

Evgeny Khvostik