BUSINESS

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BUSINESS

Evergrande Group's shares fall by 87%

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Evergrande's market plunge

China Evergrande Group's market cap plunged by $2.4 billion as shares dropped 87% when trading resumed after a 17-month suspension.

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Shrinking market cap

The company now has a market cap of $369.73 million. It is currently the world's most indebted property developer.

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Multiple challenges

Evergrande faces operational and share performance challenges, with homebuyers preferring state-owned developers and the company unable to benefit from stimulus policies.

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Staggering net loss

The developer's financial report revealed a combined net loss of $81 billion for 2021 and 2022. In H1 2023, it fell to $4.53 billion.

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Auditor's uncertainty

However, its auditor has not issued a conclusion due to uncertainties surrounding Evergrande's offshore debt restructuring plan and repayment negotiations.