China Evergrande slides below 2009 IPO price after Fitch downgrade, Property News & Top Stories


Source: singaporenewslive.com singaporenewslive.com

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HONG KONG (BLOOMBERG) – China Evergrande Group shares fell below their 2009 initial public offering price after a second credit-rating downgrade in as many days boosted concern the developer will default on its debt. The stock dropped 2.8 per cent to HK$3.47 in Hong Kong trading on Wednesday morning (Sept 8), breaching the HK$3.5 apiece offered on debut. Shares of the troubled developer have tumbled about 77 per cent this year, while many of its dollar bonds are hovering below 30 cents. Fitch Ratings cut Evergrande to CC, saying a default seems probable as the company struggles to address its...