Fraud allegations against its wealth management unit exacerbate the property giant’s woes.
Evergrande’s estimated debt of US$328 billion has been at the centre of China’s deepening market crisis, raising fears of a global spillover.
Evergrande’s stock price dipped to 0.47 around 9am in Hong Kong on Monday, before ticking back up, after closing at 0.62 Hong Kong dollars on Friday. Evergrande, the world’s most-indebted property developer with an estimated debt of US$328 billion at the end of June, has been at the centre of China’s deepening market crisis, raising fears of a global spillover.
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