August 28, 2023
05:07
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Evergrande shares plunge 87% as trading resumes after 17 months
Shares of China Evergrande, the world's most indebted property developer, plummeted 87 percent on its open on Monday when trading resumed after a 17 month halt. The company posted a loss of 5.38 billion dollars for the six months ended June, a smaller loss compared to the same period a year ago. In July, the company filed for Chapter 15 bankruptcy protection in a US court, which protects its US assets from creditors while it works on a restructuring deal elsewhere. Evergrande defaulted in 2021 and announced an offshore debt restructuring program in March, having struggled to finish projects and repay suppliers and lenders.
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