Evergrande Resumes Downward Spiral as Investors Prep for Crisis
- Shares fall to four-year low after court ordered asset freeze
- Developer says it plans to sue creditor in dispute over loan
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Investor doubts over China Evergrande Group intensified on Monday as a creditor’s successful demand to freeze some assets underscored concern that the embattled developer may struggle to raise funds.
The company’s shares plummeted 16% to close at a four-year low in Hong Kong, while its listed electric vehicle unit sank 19%. Some of Evergrande’s local bonds fell to record lows.