Evergrande's Stock Plunges, Testing Creditors and Recording Billions in Losses

China Evergrande Group, the world's most indebted property firm, lost $2.2 billion, or 79% of its market value, as its shares resumed trading after a 17-month suspension. The company is in the process of restructuring its offshore debt and has postponed creditor voting on the proposal by a month to maximize creditor engagement. Evergrande needs approval from over 75% of each debt class to implement the plan, which offers creditors various options to swap debt for new bonds and equity-linked instruments. The deepening debt crisis in China's property sector has put pressure on policymakers to roll out stimulus measures, as new home prices are expected to show no growth this year.