China Evergrande shares set to fall 7.1pct after it says no guarantee it can meet repayments

07-Dec-2021 Intellasia | Reuters | 5:02 AM Print This Post

Shares of embattled China Evergrande Group (3333.HK) were set to slide 7.1 percent on Monday after the world’s most indebted developer said there was no guarantee it would have enough funds to meet debt repayments, fuelling concerns of a default.

After Evergrande’s statement late on Friday, the Guangdong provincial government said it would send a working group to the developer at its request to oversee risk management, strengthen internal controls and maintain normal operations.

Evergrande failed to pay coupons totalling $82.5 million due on November 6 and investors are on tenterhooks to see if it can meet its obligations before a 30-day grace period ends on December 6.


Category: China

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