Evergrande plunges to record-low as founder Hui Ka-yan seeks to save his property empire. The group’s debt crisis continues to hurt sentiment in local markets. Photo: Jonathan Wong
Evergrande plunges to record-low as founder Hui Ka-yan seeks to save his property empire. The group’s debt crisis continues to hurt sentiment in local markets. Photo: Jonathan Wong

Hong Kong stocks trim weekly gain as Evergrande, Kaisa put US$30 billion of bonds in default while China weakens its currency

  • Fitch declared Evergrande and Kaisa in default after both developers failed to repay offshore bondholders this week, putting US$30 billion of debt at risk of haircuts
  • China’s central bank raised reserve requirement on foreign currencies to stem yuan’s appreciation after it reached a three-year high this week

Topic |   China stock market
Evergrande plunges to record-low as founder Hui Ka-yan seeks to save his property empire. The group’s debt crisis continues to hurt sentiment in local markets. Photo: Jonathan Wong
Evergrande plunges to record-low as founder Hui Ka-yan seeks to save his property empire. The group’s debt crisis continues to hurt sentiment in local markets. Photo: Jonathan Wong
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