China’s Evergrande stock plunges 87% as trading resumes
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 28 August 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
From the BBC World Service: China Evergrande Group’s shares resumed trading on Monday after a lengthy suspension, and investors in the real estate organisation took the chance to withdraw their money — the BBC’s Asia correspondent Mickey Bristow explains why. Plus, Lebanon is in the midst of a huge economic crisis: Inflation is in triple figures and the banking system has collapsed, but the wine industry is booming.
Transcript
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| 0:00.0 | More trouble for the crisis hit Chinese property developer Evergrande. |
| 0:05.6 | Live from the BBC World Service, this is the Marketplace Morning Report, |
| 0:08.8 | Will Bain, in 4A today, thanks for kicking off the week with us. |
| 0:12.9 | Yes, I'm sure it's a name you're becoming increasingly familiar with. |
| 0:15.9 | Evergrande, one of China's biggest property developers, |
| 0:18.9 | has become something of a byword for the ride wider struggles in the Chinese economy. |
| 0:23.7 | Chez and the firm have been suspended for more than a year as the company |
| 0:27.2 | fought for survival, but it faced being kicked off the hang saying |
| 0:30.6 | Stock Exchange in Hong Kong if those shares didn't return to trading. |
| 0:34.8 | That happened today and it didn't go well. |
| 0:37.3 | As the BBC's Asia Regional Editor, Michael Bristow told me. |
| 0:40.8 | Are they plunged by nearly 90% at one point? |
| 0:44.0 | So that just gives you an indicator of just what investors feel about this company. |
| 0:51.1 | And remember, we're talking about a company that has debts of a staggering |
| 0:56.0 | $330 billion. |
| 0:59.5 | So investors don't have much faith in the company. |
| 1:02.5 | If you look at the filing which the company made to the Hong Kong Stock Exchange |
| 1:07.1 | before the resumption of this share trading, |
| 1:09.6 | they even admitted themselves that because of all its debts, |
| 1:12.8 | because of all its problems and a legal case is hanging over it as well. |
| 1:17.3 | The company admitted itself that it might even collapse. |
| 1:20.1 | What makes this more than just a stock market story to Michael, isn't it? |
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