Evergrande Shares Plunge as Deal Talks End, Sales Sink 97% (3)

Oct. 21, 2021, 4:34 AM

China Evergrande Group scrapped talks to offload a stake in its property-management arm and said real estate sales plunged about 97% during peak home-buying season, worsening its liquidity crisis on the eve of a dollar-bond deadline that could tip the company into default.

In statements to the Hong Kong exchange late Wednesday, Evergrande added that it had made no further progress on asset sales and may not be able to meet its financial obligations. Its shares plunged as much as 14% on Thursday after resuming trading following a three-week halt.

The property-management deal fell apart even after government officials ...

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