Shares in China Evergrande Group jumped more than 8% on Tuesday morning after the embattled property developer said it had made initial progress in resuming construction work.
jumped more than 8% on Tuesday morning after the embattled property developer said it had made initial progress in resuming construction work.to deliver 39,000 units of properties in December, compared with fewer than 10,000 in each of the previous three months.
Evergrande, grappling with over $300 billion in liabilities and at risk of becoming China's biggest ever default, has been scrambling to raise cash by selling assets and shares.threatening to trigger cross-defaultFitch and S&P downgraded Evergrande to "restricted default" and "selective default" respectively following the missed payment.
Evergrande has new coupon payments worth $255 million due on Tuesday for its June 2023 and 2025 notes. , As of 0200 GMT, Evergrande shares were trading up 7.4% at HK$1.59, a one-week high, while the Hang Seng Index
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Evergrande Saga - The Biggest Real Estate Meltdown In ChinaWe catch up with some details of the Evergrande meltdown in China where financial repercussions are expected to hit Southeast Asia.
Read more »
China Evergrande Says Construction Has Resumed at Vast Majority of Its ProjectsThe property developer said that construction work has resumed at more than 90% of its stalled residential projects and that it has picked up the pace of delivering apartments promised to home buyers across China.
Read more »
Philippine President Duterte's China pivot hasn't reduced tensions in the South China SeaChina and its Southeast Asian neighbors including the Philippines have been embroiled in territorial disputes in the South China Sea for decades.
Read more »
Why a U.S.-born popstar's divorce drama is the talk of ChinaTaiwanese American star Wang Leehom is in career freefall in China amid a messy public divorce with Lee Jinglei that highlighted the status of celebrities and women.
Read more »
China oil demand to peak by 2030 on petrochemical use – CNPCChina's oil consumption is expected to peak at about 780 million tonnes per year by 2030, China National Petroleum Corp (CNPC) Economics & Technology
Read more »
China talks up 'green' Olympics but prepares to fight smogChina is using the Winter Olympic Games to drive its efforts to improve the environment, but smog-prone capital Beijing is still preparing for the worst as the opening ceremony looms.
Read more »