Property News · July 27, 2021

Evergrande reneges on special dividend two weeks after pledging it, in a surprise U-turn that sends shares, bonds crashing


China Evergrande Group, the country’s biggest home builder and the world’s most indebted developer, unexpectedly scrapped a special dividend two weeks after announcing it, in a corporate U-turn that spooked investors about its financial standing.Evergrande’s board decided to forego the special payout announced on July 15, according to a surprise filing on Tuesday to the Hong Kong stock exchange, citing “the current market environment, the rights of the shareholders and creditors, and the long…

Source : South China Morning Post
Read more…Evergrande reneges on special dividend two weeks after pledging it, in a surprise U-turn that sends shares, bonds crashing

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