HONG KONG: Shares of China Evergrande plunged as much as 24 per cent on Monday (Sep 25) after the embattled developer said it was unable to issue new debt due to an ongoing investigation into
Earlier this month, Evergrande said it had delayed making a decision on offshore debt restructuring from September to next month to allow holders of its debt more time to consider its proposal.
Evergrande needs approval from more than 75 per cent of the holders of each debt class to approve the plan, which offers creditors a basket of options to swap debt for new bonds and equity-linked instruments backed by its stocks and those of its Hong Kong-listed units. Prominent developers such as Country Garden Holdings continue to teeter close to default, keeping home-buyer sentiment depressed and prompting Beijing to implement a raft of measures to prop up the sector and spur property demand.
The crisis in the property sector, which accounts for roughly a quarter of the world's second-largest economy, has roiled global markets, with moves by Beijing to bolster the industry appearing to have little impact so far. As of the end of August, the combined floor area of unsold homes stood at 648 million sq m, the latest data from the National Bureau of Statistics show.
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