Evergrande shares were halted after plunging over 20% in early trading on Monday after a Hong Kong court ruled to liquidate the embattled property developer. China Evergrande is the world's most indebted property developer, defaulting in 2021 and announcing an offshore debt restructuring program in March 2023. The Wall Street Journal reported that Evergrande's overseas creditors failed to reach an 11th-hour deal this weekend to restructure the company's debts.
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00:00 It's Benzinga and here's what's on the block. Evergrande shares were halted after plunging
00:04 over 20% in early trading on Monday after a Hong Kong court ruled to liquidate the embattled
00:08 property developer. China Evergrande is the world's most indebted property developer,
00:12 defaulting in 2021 and announcing an offshore debt restructuring program in March of 2023.
00:17 The Wall Street Journal reported that Evergrande's overseas creditors failed to reach an 11th hour
00:21 deal this weekend to restructure the company's debts. Other major Chinese developers like
00:25 Country Garden are also struggling with debt repayment, although Country Garden claims it
00:29 may avoid default on local currency bonds. For all things money, visit Benzinga.com.