China Developers Drop Most in 9 Months on Evergrande Woes
- Bloomberg Intelligence gauge posts biggest drop this year
- Evergrande’s restructuring uncertainties hit sentiment
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Chinese property stocks tumbled the most in nine months as concern over a possible China Evergrande Group liquidation added to fresh signs of stress across the industry.
A Bloomberg Intelligence gauge of developer shares fell 7.1% Monday, taking its loss in valuation this year to almost $56 billion. Evergrande, which scrapped key creditor meetings at the last minute and said it must revisit its restructuring plan, dived 22%. China Aoyuan Group Ltd. was the biggest drag on the index, slumping by a record 72% after shares resumed trading following an 18-month halt.