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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Shares in the world’s most indebted property company and several of its subsidiaries were suspended from trading by the Hong Kong stock market regulator as the company promised a plan to deal with its borrowings by the end of July.
Evergrande, which has over $300 billion in loans and liabilities, has been in difficulty for the last year or so since it surfaced that some of its banks were no longer willing to continue extending credit.
In the last 12 months its shares have lost more than 90% of their value.
The developer, which missed interest payments on some of its domestic loans last year sparking a wave of liquidity fears across the Chinese property sector.
Given the importance of the property sector to China’s economy and in particular its role as a savings tool for the country’s growing middle classes, the authorities have been working overtime to ensure any default is ‘orderly’.
Work on many of Evergrande’s hundreds of construction projects has ground to a halt despite efforts by the firm’s owner, once China’s richest man, to restore confidence among investors and suppliers.
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Shares is provided for your general information and use and is not a personal recommendation to invest. It is not intended to be relied upon by you in making or not making any investment decisions. The investments referred to in these articles will not be suitable for all investors. If in doubt please seek appropriate independent financial advice.
Investors acting on the information in these articles do so at their own risk and AJ Bell Media and its staff do not accept liability for losses suffered by investors as a result of their investment decisions.
The value of your investments can go down as well as up and you may get back less than you originally invested. We don't offer advice, so it's important you understand the risks, if you're unsure please consult a suitably qualified financial adviser. Tax treatment depends on your individual circumstances and rules may change. Past performance is not a guide to future performance and some investments need to be held for the long term.