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China Evergrande shares plunge as trading resumes after 17 months

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NANJING, CHINA – AUGUST 18, 2023 – Aerial photo shows a residential area of Evergrande in Nanjing, East China’s Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)

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Shares of the world’s most indebted property developer China Evergrande Group plunged as much as 87% on its open on Monday, trading for the first time since March 21, 2022.

Shares fell to as low as 22 Hong Kong cents on Monday, compared to its last close at 1.65 Hong Kong dollars per share on March 18, 2022.

The resumption of trade comes as the company posted a loss of 39.25 billion yuan ($5.38 billion) for the six months ended June, a smaller loss compared to the 86.17 billion yuan loss the…



Source cnbc.com

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