Evergrande stock plunges to its lowest level in eleven years

Beijing The worsening crisis of the Chinese real estate company Evergrande led to heavy losses on the Hong Kong stock exchange on Monday. After the sustained decline in the past few days and weeks, Evergrande shares fell by around 17 percent. It was last quoted at 2.11 Hong Kong dollars, the lowest level in eleven years

Other Chinese real estate and financial stocks were also deeply in the red as there were fears that the crisis could spread to other companies. The Hong Kong benchmark index Hang Seng lost around four percent over the course of the year.

Evergrande has accumulated more than $ 300 billion in debt. Experts see a payment default as becoming more and more likely. Multiple interest payments are due this week.