Hong Kong’s property stocks saw their biggest loss since May 2020 amid growing investor angst about China’s property company Evergrande collapsing and the country’s real estate crackdown. The Hang Seng Index (HSI) was down more than 3 percent with China and Japan closed for a holiday, the most since May 2020. Hong Kong real estate giant Henderson Land Development Co. also dropped 13.9 percent, its biggest selloff in more than a year. Sun Hung Kai Properties Ltd slumped 10.34 percent and is also poised for its biggest loss since 2016. CK Asset Holdings Ltd was also down 9.32 percent. Shares of China Evergrande Group dropped 10.24 percent, after falling as much as 17 percent earlier in the day. Shares of the group have fallen more than 80 percent this year as it struggles with crippling debt. The company is more than $300 billion in debt, making it the world’s most indebted property developer, and has been scrambling to raise funds …
Hong Kong Property Stocks See Biggest Loss Since May 2020 Amid Angst Over Evergrande Collapsing
September 20, 2021
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