Published: August 29th, 2023,
Last updated: August 29th, 2023
On Monday, Hong Kong-traded shares in Chinese real estate group Evergrande plunged to penny valuations. It was the first day of trading for the stock since March 2022, and the sales surge shows the disastrous state of China’s real estate industry. The resumption of trading also came just days after the company filed for bankruptcy under US law. In July, the management had conceded record losses.