International Business: Shares of embattled China Evergrande Group rise to 1-1/2-month high – Gulf Digital News
International Business: Shares of embattled China Evergrande Group rise to 1-1/2-month high – Gulf Digital News
Shares of China Evergrande Group extended gains to as much as 16% on Friday afternoon to the highest since Sept. 30, after the cash-strapped developer once again averted a destabilising default with a last minute bond payment this week.
As of 0703 GMT, the Hong Kong-listed company was up 12.25% at HK$2.84, compared with a 0.2% rise in the broader market. The stock has lost 80% so far this year.
Evergrande, the world's most indebted developer, has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300 billion in liabilities, $19 billion of which are dollar bonds.
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