Friday , June 18 2021

Evergrande reverses drop after operation concerns

Bloomberg

China Evergrande Group, the country’s most indebted developer, reversed losses in Hong Kong trading after the company clarified that operations remained normal and it was compliant in dealings with a banking unit.
The shares rose 3.7% on Monday after earlier sliding 5.3%. Evergrande said various “rumours,” including that it was resorting to widespread price discounts, were false.
Chinese developers are facing a slew of measures to curtail risks in the sector, with regulators monitoring everything from bank lending to land sales. Evergrande is falling further behind its peers in meeting stricter Chinese borrowing limits, raising refinancing concerns.

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