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#Evergrande

A Chinese Real Estate Company Is Walloping Your Stocks. Here's Why

Stock markets from Hong Kong to New York were hit by a major sell-off on Monday as a massive Chinese real estate conglomerate called China Evergrande Group faces a potentially devastating debt default. The Dow Jones Industrial Average slumped 614 points, its worst performance in about two months, after earlier...
REAL ESTATE
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Fortune

Evergrande investors should worry—but not about an ‘uncontrolled’ collapse, analysts say

China’s Evergrande has long held the title of the world’s most-indebted property developer, but in the last few days its reputation has shifted from bloated to doomed. On Monday, Evergrande’s stock price dropped 10.2% in Hong Kong, the latest blow for the Chinese property giant that has been on a downward spiral for months. Since the beginning of this year, Evergrande’s stock price in Hong Kong has dropped from 14.1 HKD ($1.81) to 2.3 HKD ($0.3), sinking the company’s valuation from $24 billion to $5 billion. The selloff Monday reflects investors' growing worry that Evergrande will default on part of its $300 billion debt this week—$120 million in interest on two bond notes that's due on Thursday. The bonds have a 30-day grace period, but the company's sinking bond prices suggest investors think default is the most likely outcome.
MARKETS
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5 things to know about Evergrande, the Chinese business empire on the brink

Hong Kong (CNN Business) — The troubles of Chinese conglomerate Evergrande have dominated headlines after it warned once again that it could default on its astronomical debt because of a cash crunch. Experts have characterized the firm's struggles as a major test for Beijing that risks turning into China's Lehman...
ECONOMY
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Washington Post

Evergrande Panic Comes Just in Time for Big Banks

Morgan Stanley strategists led by Michael Wilson warned on Monday that a 20% drop in the S&P 500 Index was a growing risk. Two weeks ago, Goldman Sachs Group Inc. analysts said investors shouldn’t assume low volatility will last. Left unsaid: These two U.S. banks stand to benefit more than...
MARKETS
Fortune

Evergrande is in trouble. But it probably won’t be a Lehman moment

This is the web version of Term Sheet, a daily newsletter on the biggest deals and dealmakers. Sign up to get it delivered free to your inbox. It’s certainly eye-catching, but concerns that the collapse of Chinese property giant Evergrande will be Lehman Brothers 2.0 currently appear overblown. Here’s some...
BUSINESS
Street.Com

Jim Cramer on the Market Selloff, Evergrande, Debt Ceiling, Fed, Pfizer: Video

For weeks leading into historically volatile September trading, Jim Cramer warned to anticipate and prepare for some of the worst trading of the year. That time has finally come with stocks opening sharply lower to kick off the trading week. The Dow Jones Industrial Average was down 559.09 points ,...
STOCKS
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