China Evergrande Shares Plunge 11% to Lowest Since July 2015
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Shares of China Evergrande Group plunged as much as 11% to their lowest since July 2015, on continued concerns over the financial health of the indebted developer.
The tumble Thursday came a day after the company’s stock briefly fell below its 2009 initial public offering price amid a further downgrade by Fitch Ratings. Late on Wednesday, REDD reported that the company plans to suspend interest payments on loans from two banks due Sept. 21. and asked a lender to wait for instructions about an extension plan.