Evergrande shares tumbled as much as 87% on the Hong Kong Stock Exchange on Monday, to as low as 22 Hong Kong cents.

China Evergrande Group last traded on the Hong Kong exchange on March 18, 2022 at 1.65 Hong Kong dollars ($0.13) per share, before being suspended on March 21.

The company also posted a loss of 39.25 billion yuan ($5.38 billion) for the six months ended June, with total liabilities of 2.39 trillion yuan.

  • HobbitFoot @thelemmy.clubEnglish
    7·
    1 year ago

    They were one of several construction companies that built a ton of buildings in China fueled by municipal and corporate debt. It works great when the local economy grows.

    The Chinese economy has stopped growing at the levels to sustain the market conditions to pay back the debt. There are doubts that China could even get back to those levels of economic growth due to its aging population.