Real estate developer Evergrande under pressure again on Hong Kong stock exchange

Asia's Tech News Daily

Real estate developer Evergrande under pressure again on Hong Kong stock exchange

Photo: ANP

Debt-plagued property developer China Evergrande Group plunged again on the Hong Kong stock exchange on Wednesday. The company missed another payment deadline. Investors put their shares up for sale, although they remain hopeful that the company can restructure its debts. The stock fell 3.4 percent to its lowest level ever.

The real estate sector was under pressure anyway, also due to problems at other companies in the sector. For example, trading in Kaisa Group in Hong Kong was halted for the second time in a short time. That company also appears to have missed a payment deadline. Trading in the stock was suspended for nearly three weeks in early November after it already missed a redemption on an asset management product.

Online store giant Alibaba also had to suffer on the stock exchange in Hong Kong. That stock lost 5.4 percent the day after the company’s biggest price jump of 5.1 percent since it was listed on the Asian stock exchange. Weibo’s debut in Hong Kong was also accompanied by a significant loss. The company behind the Twitter-like microblog has been under pressure like other tech companies, especially as Beijing is tackling the sector with increasingly strict regulations.

Sentiment on the stock markets in Asia was mainly positive. The Hang Seng index in Hong Kong was still a fraction lower. But the indicator in Shanghai was 0.9 percent higher and in Seoul the Kospi gained 0.4 percent.

In Japan, the Nikkei index gained 1.4 percent. Japan’s economy shrank more sharply in the third quarter of this year than previously expected. Household consumption was particularly disappointing. The previously reported figure of 3.1 percent shrinkage was adjusted to 3.6 percent.

Real estate developer Evergrande under pressure again on Hong Kong stock exchange
Source link Real estate developer Evergrande under pressure again on Hong Kong stock exchange

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