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China Evergrande's Debt Crisis Sends Shockwaves Through Chinese Stock Market

1 min read
Source: Reuters
China Evergrande's Debt Crisis Sends Shockwaves Through Chinese Stock Market
Photo: Reuters
TL;DR

Shares of China Evergrande Group dropped for a second consecutive session after its subsidiary, Hengda Real Estate Group, missed a 4 billion yuan ($547 million) bond repayment. This comes after Evergrande announced its inability to issue new debt due to an ongoing investigation into Hengda, causing a 22% plunge in its share price. Evergrande has been grappling with a series of financial setbacks since its default on offshore debt obligations in 2021 and has been seeking creditors' approval for a $31.7 billion debt restructuring plan.

Topics:top-newsbusiness#bond-payment#business#china-evergrande#debt-crisis#financial-woes#property-developer
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  1. China Evergrande shares tumble for second day after unit misses bond payment  Reuters
  2. China Evergrande Crisis Worsens as Defaults Pile Up  Bloomberg Television
  3. Evergrande’s plan to stave off collapse is running into trouble  CNN
  4. China property stocks tumble as Evergrande drops 25% on debt restructuring roadblock  CNBC
  5. Alibaba, JD.com Stocks Slide Amid China Worries as Evergrande Debt Fears Mount  Barron's

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