China Evergrande shares tumble for second day after unit misses bond payment

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China Evergrande shares tumble for second day after unit misses bond payment
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HONG KONG : China Evergrande Group shares slid for a second consecutive session on Tuesday, dropping as much as 8 per cent after a unit of the embattled property developer missed an onshore bond repayment.Evergrande's main domestic unit, Hengda Real Estate Group, said in a Shenzhen stock exchange filing

HONG KONG : China Evergrande Group shares slid for a second consecutive session on Tuesday, dropping as much as 8 per cent after a unit of the embattled property developer missed an onshore bond repayment.

The news comes after Evergrande said on the weekend that it was unable to issue new debt due to an ongoing investigation into Hengda, sending Evergrande's share price plunging 22 per cent on Monday. The missed payment is the latest setback to hit Evergrande, which has lurched from one crisis to another since its financial woes became public in 2021 and it defaulted on its offshore debt obligations later that year.

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