The Evergrande nightmare continues, collapse on the Hong Kong Stock Exchange. And the giant also pulls down the other players in the sector
Evergrande continues its fall on the Hong Kong Stock Exchange. The Chinese brick giant sinks on the Chinese stock exchange, losing 13.78% to 1.94 Hong Kong dollars, at an all-time low of the last 11 years. China’s second largest real estate developer, with over $ 300 billion in debt, said Friday wanting to “actively work” with offshore creditors on a restructuring plan, adding that there was no guarantee on sufficient funds to meet its obligations.
The move caused the president to be summoned Hui Ka Yan (or Xu Jiayin in Cantonese) by the Guangdong government which had agreed, at the request of the company, to send a working group to supervise the risk management.
Evergrande crisis, trouble also for Sunshine 100: “hole” on a loan of 170 million
But that is not all. There Evergrande crisis it also drags down the other players in the sector. Sunshine 100, a Chinese company active in the sector of real estate, warned that he is “unable” to repay a loan as real estate is rocked by the Evergrande case.
Sunshine 100 it is not a major player in China, but its difficulties highlight concerns about the real estate sector, key to the growth of the world’s second largest economy after the United States of America. In a statement sent to the Hong Kong Stock Exchange today, Sunshine 100 he claimed, in fact, that he had not been able to honor a reimbursement of 170 million dollars (150.6 million euros) overdue the day before, in addition to interest.
#Evergrande #collapses #stock #market #lowest #Plan #hypothesis #creditors