(Bloomberg) -- China Evergrande Group fell to the lowest in four years in Hong Kong, underscoring renewed concerns about the financial health of the conglomerate.
Shares of Chinese billionaire Hui Ka Yan’s flagship property developer slid as much as 1.8% to HK$9.73 on Monday, the lowest since May 2017. The stock has dropped about 50% since he clinched a deal with investors to avert a cash crunch in September.
Worries over the future of the world’s most indebted developer have grown in recent weeks after affiliates missed payments and Caixin Media’s WeNews reported that regulators are looking into Evergrande’s ties to Shengjing Bank Co. in northern China. Bondholders have rushed for the exit too, with a key dollar note trading near its lowest level since April 2020.
Evergrande’s dollar bond due 2025 is indicated at 72.5 cents on the dollar early Monday, according to Bloomberg-compiled prices.
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