China Evergrande Group, the world’s most indebted property developer, was again flirting with a formal default on Monday night as the end of a 30-day grace period on $82.5m in debt repayments due in November loomed.
Earlier on Monday, the group’s shares tumbled in the first trading since its disclosure on Friday that it would struggle to meet a $260m guarantee obligation and that its chair had been summoned by regulators.
Evergrande’s Hong Kong-traded shares fell 19.6 per cent from their close on Friday to HK$1.81, an all-time low.
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