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China Evergrande shares plummet 12% as it edges closer to default
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The struggling Chinese property developer Evergrande has seen its shares plunge to an 11-year low after strong indications that it is on the verge of a potentially disastrous default and could be forced into a full-blown restructuring.
The company has lurched from one crisis to another in recent months as it faced a series of repayments on debts – three times waiting until the last possible moment to stump up the cash needed to stay afloat.
But a statement from the company over the weekend said that there was “no guarantee” that the group could meet its obligations and added that creditors had demanded immediate repayment of a total of $260m (£196m).
Its most pressing problem is how to repay $82.5m due on Monday – a deadline pushed back 30
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