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China Evergrande shares set to fall 7.1% after it says no guarantee it can meet repayments -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The sign for the China Evergrande Centre is visible in Hong Kong (China), September 23, 2021. REUTERS/Tyrone Siu

HONG KONG, (Reuters) – Shares in China Evergrande Group fell 7.1% Monday as the most indebted developer in the world said it could not guarantee sufficient funds to repay its debts. This fueled fears of a default.

Guangdong’s provincial government announced that Evergrande made a statement Friday night. It said that it would send an official working team to Evergrande at the request of the developer to help with risk management and to strengthen internal controls.

Evergrande did not pay $82.5 Million in coupons due Nov. 6, and investors are anxious to see if the company can fulfill its obligations by Dec 6th.

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