China Evergrande shares set to fall 7.1% after it says no guarantee it can meet repayments

This post was originally published on this site

After Evergrande’s statement late on Friday, the Guangdong provincial government said it would send a working group to the developer at its request to oversee risk management, strengthen internal controls and maintain normal operations.

Evergrande failed to pay coupons totalling $82.5 million due on Nov. 6 and investors are on tenterhooks to see if it can meet its obligations before a 30-day grace period ends on Dec 6.