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Evergrande’s Stock Plummets Again as Debt Woes Continue

Payam Javan: In yet another challenging day for the world’s most indebted corporation, Evergrande, the Chinese real estate behemoth, witnessed a second consecutive day of plummeting stock prices on September 26th.

Hong Kong’s trading floors saw Evergrande’s stock prices tumble by as much as 8 percent, a stark decline attributed to the revelation of further debt-related problems. The company’s primary domestic subsidiary, Heng-da Real Estate, disclosed its failure to meet payment obligations on the previous day, a development that came on the heels of Evergrande’s own announcement of its inability to issue new debt.

Evergrande attributed these financial setbacks to an ongoing regulatory investigation into Heng-da Real Estate. As a response to the missed payment, Evergrande has now declared its intent to engage in negotiations with bondholders, aiming to identify a viable solution to address the predicament.

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