China Evergrande cuts top-up to $555m, stock dives

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By Jonathan Breen
14 Oct 2020

China Evergrande Group’s stock price plummeted on Wednesday after the issuer slashed an overnight share sale to nearly half its initial target, raising HK$4.3bn ($554.9m).

The embattled property developer, which has been under pressure from creditors and regulators to trim its huge debt pile, has been in the spotlight since fears of a potential liquidity squeeze surfaced in September.

Evergrande’s stock tumbled late last month, while its onshore and offshore bonds were sold off, after a ...

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