China Evergrande Group shares slumped on Thursday after the developer's thinly detailed roadmap for restructuring left investors dissatisfied and its indebted peers also fell on concerns higher interest rates would raise financing costs.
Evergrande's stock slump on Thursday came after the company told investors in a call late on Wednesday that it hoped to work with them to achieve a risk management solution, and it would treat all categories of creditors "fairly and follow international practice". The company also urged creditors not to take any "aggressive legal actions."
Adding to the pressure on Evergrande, the Financial Times said on Thursday that asset manager Oaktree Capital, who is a lender to Evergrande to develop a vast land plot in Hong Kong, moved this week to seize control of the asset by appointing a receiver after Evergrande defaulted on the loan. Evergrande has liabilities of $300 billion including nearly $20 billion of international bonds all deemed to be in default after a run of missed payments late last year.Shares of Times China Holdings
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