Hong Kong leads equity sell-off as Evergrande fears spreadFears about a contagion from the possible collapse of China Evergrande have sent property firms in Hong Kong plunging. HONG KONG - Asian markets sank Monday on fears about contagion from a possible collapse of teetering property giant China Evergrande, while sentiment was also dragged by the Federal Reserve's plans to taper monetary policy, surging Delta infections and signs of weakness in the global recovery. Hong Kong again led the losses with Evergrande due to pay interest on some of its loans and bonds this week, with observers expecting it to default. Uncertainty about the future of the company, which is drowning in debts of more than $300 billion, has shattered confidence on trading floors, with property companies and banks in Hong Kong taking the brunt of the selling. Hong Kong shed 4% at one point, with Evergrande down almost 19% briefly while New World Development and Henderson Land each lost more than 10%.

Source: Bangkok Post September 20, 2021 07:30 UTC