Hong Kong’s stock market slumped on Monday in a decline that spread to European bourses as an escalating liquidity crisis at Chinese property developer Evergrande showed signs of spreading beyond the sector.
Chinese and Hong Kong property groups were at the centre of the market slide, falling to the lowest levels in half a decade amid rising angst over the fate of Evergrande, the world’s most indebted property developer.
The group faces obligations of more than $300bn to creditors and other businesses, and a crucial interest payment deadline on its offshore bonds looms on Thursday.
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