Evergrande shares plummet 20% to new record low as default fears resurface
CNN
Shares of Evergrande plummeted to a new record low on Monday as the Chinese developer once again teetered on the brink of default.
Evergrande's stock closed down 20% at 1.81 Hong Kong dollars ($0.23), the lowest since it listed in Hong Kong in 2009. It has lost 87% of its value since the start of the year.
The company, which has about $300 billion in total liabilities, warned late Friday it might not have enough funds to meet its financial obligations. It faces an immediate test of its ability to repay creditors on Monday with the expiry of a 30-day grace period on interest payments on its dollar-denomnated bonds.
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