HONG KONG (Reuters) – Shares of debt-laden China Evergrande, the country’s No. 2 developer, fell as much as 2.5% on Wednesday after it warned of default risks and legal action from creditors as it scrambles to repair its balance sheet.
Evergrande’s stock dropped to HK$4.25 in early trade, a day after it reported first-half earnings and said it had sold property units to suppliers and contractors to offset some payments.
(Reporting By Donny Kwok and Clare Jim; Editing by Anne Marie Roantree)
