‘No guarantee’ Chinese property giant can meet its $305bn debts, starting with a bond repayment on Monday that could trigger default
Shares in the struggling property giant China Evergrande have fallen sharply after plans to offload a stake in one of its units for $2.6bn fell through, casting further doubt over whether it can avert the country’s biggest ever corporate failure.
On Thursday morning, China Evergrande Group, the parent company for the sprawling empire built by former steel industry executive Xu Jiayin, was down 12% in early trade before recovering slightly to -9.8%. Evergrande Property Services, one of its most profitable units, was off by 6.45%.