Stock Exchange: Hong Kong, Evergrande collapses by -13% – Last Hour

Stock Exchange: Hong Kong, Evergrande collapses by -13% – Last Hour
Stock Exchange: Hong Kong, Evergrande collapses by -13% – Last Hour

(ANSA) – BEIJING, 17 SEPTEMBER – Evergrande collapses on the Hong Kong Stock Exchange, accusing a thud that touches 13% close to the trading break: -12.93%, at 2.29 Hk dollars.

The headlines discount an editorial by Hu Xijin, director of the Global Times, according to which the company, grappling with a very serious financial crisis, should not bet on the government bailout as it considers itself “too big to fail”, but use the means of market to save himself. Hu added in his WeChat account posting that he does not see systemic risks. In Shenzhen, meanwhile, protests by small investors continue around the company’s headquarters.

Hu also noted that he doesn’t think Evergrande’s bankruptcy could trigger a systemic financial storm like Lehman Brothers, because the company is a real estate business and the down payment rates in China are very high. The Global Times is a nationalist tabloid published by People’s Daily, the voice of the Communist Party, but its views do not necessarily reflect the leadership’s official thinking, despite having a notable following.

With total liabilities of $ 305 billion, Evergrande is grappling with a very serious liquidity crisis and is trying to raise funds and renegotiate maturing loans with banks, as it hangs in the balance between a disastrous meltdown with far-reaching impacts on stability. of China’s financial and real estate system, a managed collapse or a government bailout. (HANDLE).

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