Evergrande Slumps on Short-Seller Report: Hong Kong Mover
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Evergrande Real Estate Group Ltd., China’s second-biggest developer by sales, fell by the most since September in Hong Kong trading after it was targeted in a newsletter by short-seller Citron Research. Evergrande said claims in the report were untrue.
The stock pared a record loss to end 11 percent lower at HK$3.97 at the close. Directors of Evergrande noted a report claiming the company “has used accounting tricks and bribes to hide the fact that it is truly insolvent,” and said the allegations are false, according to a statement sent during the midday trading break.