HONG KONG, Aug 28 — Shares in troubled Chinese property giant Evergrande plummeted more than 80 per cent in Hong Kong this morning after the lifting of a 17-month trading...
HONG KONG, Aug 28 — Shares in troubled Chinese property giant Evergrande plummeted more than 80 per cent in Hong Kong this morning after the lifting of a 17-month trading suspension.
But its cash assets fell from US$2 billion last year to US$556 million, reflecting its dwindling liquidity. Evergrande’s creditors will vote today on a proposal from the developer regarding its offshore debt that is shaping up to be one of China’s biggest restructurings ever. The company is also fending off winding-up petitions in Hong Kong courts, with one case adjourning its hearing to October.
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