🧵 1. China Evergrande Group's stock plunges 87% in Hong Kong trading, becoming a penny stock due to more losses and creditor meeting delays. #finance
🧵 1. China Evergrande Group's stock plunges 87% in Hong Kong trading, becoming a penny stock due to more losses and creditor meeting delays. #finance
🧵 2. Losses in the past 2 years of more than 582 billion yuan have driven Evergrande's market value down to just $586 million from over $50 billion.
🧵 3. Evergrande postpones creditor meetings to late September, adding uncertainty to one of China's largest restructuring efforts.
🧵 4. Evergrande's struggles reflect China's housing crisis as developers face challenges amid a crackdown on the real estate industry.
🧵 5. Evergrande reports 39.3 billion yuan net loss in H1 due to rising costs, litigation, land withdrawal, and property impairments. Total liabilities exceed assets.
🧵 Read more at: https://www.financialexpress.com/business/investing-abroad-evergrande-share-price-plunges-to-become-a-penny-stock-3225488/