Chinese Evergrande stakes reach fresh record-low
(MENAFN) On Wednesday, Dec. 8 China Evergrande Group’s stakes reach lowest level following a delayed loan payment which put the giant at the danger of turning into the largest defaulter in China.
Till this moment, any risk of the firm was greatly controlled, and as decision makers become more vibrant and markets have greater familiarity with the crisis, outcomes of Evergrande’s difficulties have less damage on the market.
Steven Leung, director of UOB Kay Hian in Hong Kong, reported: “Without the official announcement, the market will want to wait and see and not give up yet; otherwise Evergrande’s share and bond prices should have tumbled a lot more,” adding “the market also wants to wait and see what can be done with local government stepping in now,” Leung added, referring to the move by Evergrande’s home province to help contain the risk.”
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