Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Evergrande shares dive after chairman sells stake

11/29/2021 | 09:05am EST

Shares in troubled developer China Evergrande tumbled on Monday (November 29), closing down almost 9%.

The fall came after news late last week that the firm's chairman had sold a big part of his stake.

Hui Ka Yan sold 1.2 billion shares, raising around $344 million.

Chinese authorities have told him to use some of his wealth to help pay the company's debts.

Shares in Evergrande's electric vehicle unit also dropped sharply Monday, after the firm said it was seeking ways to pump more capital into the operation.

The developer has been scrambling to raise capital as it grapples with over $300 billion in liabilities.

Investors are on tenterhooks waiting to see if it can make missed bond coupon payments within a grace period.

The firm's woes are rattling the whole sector.

On Monday, rival Fantasia Holdings suspended trading in its shares pending the release of new information.

ę Reuters 2021
Latest news "Economy & Forex"
08:59aIndonesia's tax revenues to continue to rise in 2022 -Finance Minister
08:57aBarclays, Deutsche join bank rush to reopen offices in England
08:57aNasdaq set for lower open after disappointing Netflix forecast
08:56aBiden talks to Japan's Kishida amid mounting security concerns
08:53aCENTRAL BANK OF LIBYA : The United States of America welcomes the actual launch of the reunification process of the Central Bank of Libya,,
08:52aU.S. House panel turns to oil majors' boards in next climate probe
08:48aEngland's COVID R number and daily COVID growth rate drop
08:45aAsian prices fall amid Chinese LNG cargo sale tenders
08:39aRICHARD EVANS : FTSE Falls, Rentokil's Terminix Deal Will Create a 'Powerhouse'
08:38aBOJ's Kuroda pledges to maintain 'extremely' accommodative policy
Latest news "Economy & Forex"