Stock Groups

China Evergrande falls over 5% after it says targeting restructuring proposal within 6 months -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The logo of China Evergrande Group can be seen at the Shenzhen headquarters in Guangdong, China, September 26th, 2021. REUTERS/Aly Song

HONG KONG, (Reuters) – Shares in China Evergrande Group dropped 5.7% to HK$1.67. This is the lowest level since Jan. 19. The debt-laden developer stated that it aims to submit a restructuring plan within six months.

This compares to a 2% decrease in the benchmark index and a 3.4% drop in Hang Seng Mainland Properties Index.

This long-awaited communication is coming against the background of Beijing tightening its control over property developers, and taking steps to stabilize China’s crisis-hit real estate sector.

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