Hong Kong's Hang Seng Index plunged 3.3 percent on Monday, leading losses in Asian trading.
Shares of China Evergrande Group dived 10.24 percent, after falling as much as 17 percent earlier.
Property giant Evergrande is on the brink of collapse, with a debt load of more than US$300 billion.
“Evergrande’s collapse would be the biggest test that China’s financial system has faced in years,” says Mark Williams, chief Asia economist at Capital Economics.
Elsewhere in the region, the S&P/ASX 200 in Australia fell 2.1 percent while the Chinese and Japanese markets were closed.
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