Evergrande shares hit an all time low of 18.8 Hong Kong cents as a judge warned that it could be wound up if the firm does not present a restructuring plan
Evergrande's shares plunged more than 20% from last Friday's close of 23.6 Hong Kong cents to the all time low of 18.8 Hong Kong early Monday, before recovering slightly to 22.2 Hong Kong cents.
Reuters reported that Justice Linda Chan from Hong Kong's high court said the Dec. 4 hearing would be the last before a decision is made on the winding up order.hit an all-time low of 18.8 Hong Kong cents after a Hong Kong judge delayed the court hearing to wind-up its business. Evergrande's shares plunged over 20% from last Friday's close of 23.6 Hong Kong cents to the all-time low early Monday, before recovering slightly to 22.2 Hong Kong cents.that Justice Linda Chan from Hong Kong's High Court pushed back the hearing from Oct. 30 to Dec. 4, which would be the last before a decision is made on the winding up order.Evergrande must come up with a revised restructuring proposal before that date, or the company will likely to be wound up, she said.
This new development is the latest blow to the firm that was at one time China's largest private sector developer by sales.Hui Ka Yan"has been subject to mandatory measures in accordance with the law due to suspicion of illegal crimes," Evergrande said in aAs such, Evergrande considered it necessary to re-assess the terms of the proposed restructuring"to meet the company's objective situation and the demand of the creditors," it said.
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