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China Evergrande shares hit 11-year low after it gives no guarantee on repayments

December 6, 2021
in Financial News
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A visitors gentle is seen close to the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Track

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HONG KONG, Dec 6 (Reuters) – Shares of China Evergrande Group (3333.HK) tumbled 12% to an 11-year low on Monday after the agency mentioned there was no assure it could have sufficient funds to satisfy debt repayments, prompting Chinese language authorities to summon its chairman.

The shares fell as a 30-day grace interval on a coupon fee of $82.5 million due on Nov. 6 involves an finish on Monday.

Evergrande, as soon as China’s top-selling developer, is grappling with greater than $300 billion in liabilities. A collapse may ship shockwaves via the nation’s property sector and past.

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In a submitting late on Friday, Evergrande, the world’s most indebted developer, additionally mentioned it had obtained a requirement from collectors to pay about $260 million.

That prompted the federal government of Guangdong province, the place the corporate relies, to summon Evergrande Chairman Hui Ka Yan, and it later mentioned in a press release it could ship a working group to the developer at Evergrande’s request to supervise threat administration, strengthen inside controls and keep regular operations.

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In a collection of apparently coordinated statements late within the night, China’s central financial institution, banking and insurance coverage regulator and its securities regulator sought to reassure the market that any dangers to the broader property sector could possibly be contained.

Brief-term dangers attributable to a single actual property agency is not going to undermine market fundraising within the medium and long run, the Individuals’s Financial institution of China mentioned, including that housing gross sales, land purchases and financing “have already returned to regular in China”.

Evergraned’s inventory fell greater than 12% to HK$1.98, its lowest since Might 2010.

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Reporting by Clare Jim; Modifying by Anne Marie Roantree and Christopher Cushing

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