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China Evergrande shares fall sharply after $2.6bn asset sale collapses
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Shares in the struggling property giant China Evergrande have fallen sharply after plans to offload a stake in one of its units for $2.6bn fell through, casting further doubt over whether it can avert the country’s biggest ever corporate failure.
China Evergrande Group, the parent company for the sprawling empire built by former steel industry executive Xu Jiayin, was down more than 10% in Hong Kong at midday on Thursday. Evergrande Property Services, one of its most profitable units, was off by 6.45%.
Evergrande announced on Wednesday that it had formally abandoned plans to sell a 50.1% slice of Evergrande Property Services, and said there was “no guarantee” it could meet its financial obligations in order to stay afloat.
The company, which
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