The group is developing 1,300 real estate projects across the country.
(Photo: Bloomberg)
Qingdao, Düsseldorf The crisis surrounding the over-indebted Chinese real estate developer Evergrande is widening. On Monday, the share price fell by more than eleven percent at times and tore down other values with it. The Hong Kong leading index Hang Seng lost more than four percent.
In particular, the shares of other Chinese real estate developers such as China Fortune Land and Guangzhou R + F fell. The shares of the Shanghai company Sinic Holdings even had to be suspended from trading on Monday afternoon local time after they had collapsed by 87 percent.
The insurance company Ping An also felt the effects of the uncertainty on the real estate markets. He is considered one of the largest investors in the Chinese real estate market.
The situation on the markets is unlikely to ease in the next few days either: According to reports from the financial news agency Bloomberg, several important interest payments are due at Evergrande this week.
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