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HONG KONG, Sept 25 (Reuters) – Shares of China Evergrande 3333.HK were set to fall nearly 15% on Monday after it said it was unable to issue new debt due to an ongoing investigation into one of its subsdiaries, dealing a fresh blow to the embattled developer’s restructuring plans.
Evergrande said late on Sunday that due to an investigation into Hengda Real Estate Group, a flagship onshore unit, it was unable to meet the qualifications to issue new notes under its debt restructuring proposal.
Shares of Evergrande, which has more than $300 billion in liabilities, were set to open down 14.6% at HK$0.47.
(Reporting By Donny Kwok, Writing by Anne Marie Roantree; Editing by Muralikumar Anantharaman)
((annemarie.roantree@thomsonreuters.com; +852 97387151; Reuters Messaging: annemarie.roantree.thomsonreuters.com@reuters.net))
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