Evergrande fears hit Hong Kong stocksVERGE OF COLLAPSE: Evergrande shares yesterday plunged about 17 percent, as did those of other property firms, leaving the Hang Seng down 3.3 percentAFP, HONG KONGFears of a contagion from the potential collapse of battered Chinese real-estate giant China Evergrande Group (恆大集團) yesterday sent property shares plunging in Hong Kong, with the firm expected to default on upcoming interest payments this week. An electronic screen displays stock figures for companies including China Evergrande Group in Hong Kong yesterday. Attention is now on the company’s repayments, with interest due on bank loans yesterday and two bonds on Thursday. Experts say the firm has more than 1 million units pre-paid by customers yet to be built, adding to the sense of dread among Chinese investors, many of them first-time buyers. “To what extent Evergrande slows the growth momentum remains unclear,” Strickland added.
Source: Taipei Times September 20, 2021 15:56 UTC