By Dhirendra Tripathi
Investing.com – Evergrande stock (HK: 3333 ) closed 7.6% higher in Hong Kong trading Monday as the Chinese central bank repeated its determination to keep market conditions orderly, although the fate of the debt-laden Chinese real estate developer remained uncertain.
The company missed a payment deadline on a dollar bond during the previous week, triggering the start of a 30-day grace period. Interest on its 9.5% March 2024 dollar bond is due Wednesday, however.
Shares of the beleaguered company are down 83% this year.
Evergrande has liabilities of around $305 billion and is scrambling to raise funds to service them. The parent group's troubles sabotaged a planned share sale by the group's electric car unit on Monday: shares in China Evergrande New Energy Vehicle Group crashed 26% after it warned of an uncertain future unless it got a swift injection of cash.
Shares of another Chinese developer, Sunac China Holdings (HK: 1918 ), closed 8.5% lower in Hong Kong after it sought “special policy support” from authorities in eastern Shaoxing because operations in the city have become difficult.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.