Evergrande’s slow-motion collapse reverberated through China’s property sector on Monday, as property stocks tumbled despite assurances from Beijing it would support “quality” companies.
Shares of Chinese Estates Holdings, a Hong Kong-based property group, dropped as much as 35.2 per cent after a bid to take the company private and reduce its exposure to Evergrande failed.
The group, controlled by the family of Hong Kong billionaire Joseph Lau, had been a significant investor in the world’s most indebted developer and its other ventures, including its electric vehicle unit.
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