Evergrande shares slide again after missed payment
STORY: Evergrande shares tumbled for a second day on Tuesday (September 26).
They fell as much as 8% in Hong Kong trade, following news of more debt troubles.
Its main domestic unit - Hengda Real Estate - said it had failed to make payments due the day before.
That came after Evergrande said over the weekend that it was unable to issue new debt.
The firm says that’s due to an ongoing investigation into Hengda by regulators.
Evergrande shares lost more than a fifth of their value on Monday (September 25) following that news.
Now the company says it will negotiate with bondholders to find a solution to the missed payment.
But it’s all just the latest setback for Evergrande, which has lurched from one crisis to another since its financial woes became public in 2021.
The firm has been seeking creditors’ approval to restructure offshore debts totalling almost $32 billion.
It needs approval from 75% of the holders of each type of debt to approve the plan.
The turmoil in the property sector has investors at home and abroad feeling nervous, with real estate accounting for around a quarter of China’s economy.
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