Evergrande's Shares Plummet 87% as Trading Resumes After 17-Month Hiatus
TL;DR
Shares of China Evergrande Group, the world's most indebted property developer, plummeted as much as 87% as trading resumed after a 17-month halt. The company reported a loss of 39.25 billion yuan ($5.38 billion) for the first half of 2023, an improvement from the previous year. Evergrande filed for Chapter 15 bankruptcy protection in the US in July and disclosed total liabilities of 2.39 trillion yuan as of June. The company has been struggling to complete projects and repay suppliers and lenders, resulting in significant losses.
- Evergrande shares plunge as much as 87% as trading resumes after 17 months CNBC
- Evergrande Resumes Trading After Posting $4.5B Loss Bloomberg Television
- Evergrande: Shares in the crisis-hit Chinese developer plunge by 80% BBC
- China Evergrande shares plunge more than 80% as trade resumes after 17 months Yahoo Finance
- Evergrande seeks resumption of trading in shares in Hong Kong South China Morning Post
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