The chairman of Evergrande Group showcased his faith in the company to get out of its “darkest moment” as soon as possible. The company will fulfill its promise to deliver under-construction projects to home buyers, Chairman Hui Ka Yan said in a letter to employees on the day of China’s Mid-Autumn festival. Evergrande announced on Saturday it had started repaying investors in its wealth management products with real estate. Growing fears of Evergrande’s default rattled global markets on Monday with its Hong Kong-listed shares plummeting 10 percent, hitting HK$2.28 ($0.29) per share. Its Hong Kong-listed shares have tumbled 84 percent so far this year. “[Evergrande’s] stock will continue to fall, because there’s not yet a solution that appears to be helping the company to ease its liquidity stress,” said Kington Lin, managing director of Asset Management Department at Canfield Securities Ltd. Lin said Evergrande’s shares could fall to below HK$1 if …
Evergrande Chairman Gives Pep Talk Despite Global Fears Over Default
September 21, 2021
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