China’s Evergrande Group records 70% fall in stocks in a year

02 Aug 2021 CW Team

China-based real estate developer Evergrande Group has recorded a stock drop of 70% in 12 months.

The hits keep coming for Evergrande Group, the second-largest property developer in China.

According to the media, the stock price of the firm has sunk more than 70% in the past year, and its bonds are at record lows. It is in deep debt, and, on Monday, S&P Global Rating reduced its credit rating two notches.

A day after that, the firm’s stock price fell 13% after it declared it would not pay out a special dividend.

Evergrande is the world’s most indebted real estate developer with about $300 billion in liabilities, involving some high-interest U S bonds. About $7.4 billion worth of bonds mature next year, beginning with $2 billion in bonds coming due next March.

The firm has repaid all its public bonds this year but could struggle with repayments in 2022 if it cannot enter the capital markets.

As per the report, the fall of Evergrande could affect millions of Chinese homeowners and impact the wider economy. The government could intervene to protect Evergrande from failure, but it isn’t sure yet that would happen.

China’s other big real estate companies have also taken on large amounts of debt. They sold a consolidated $20.3 billion worth of bonds in the first half of this year, the second-highest total for that period since 2017.

The Chinese government is keeping a close eye on the real estate sector, and last year started to restrict borrowing among developers and homebuyers.

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