Mainland China markets were closed for a holiday, while Hong Kong markets, where the firm is listed, will be shut on Wednesday. “I firmly believe that with your concerted effort and hard work, Evergrande will walk out of its darkest moment, resume full-scale constructions as soon as possible,” said Mr Hui, without elaborating how the company could achieve these objectives.Įlsewhere in Asia, broad selling pressure persisted, as investors fled riskier assets on Evergrande contagion fears.

In the letter, coinciding with China’s mid-autumn festival, the chairman of the debt-laden property developer, also said Evergrande would fulfil responsibilities to property buyers, investors, partners and financial institutions. In an effort to revive battered confidence in the firm, Evergrande chairman Hui Ka Yan said in a letter to staff the company was confident it would “walk out of its darkest moment” and deliver property projects as pledged. Hui Ka Yan: “I firmly believe that with your concerted effort and hard work, Evergrande will walk out of its darkest moment.” Bloomberg

Hong Kong/New York | Default fears continued to stalk China’s Evergrande Group on Tuesday despite efforts by its chairman to lift confidence in the embattled firm, as markets looked for possible intervention by Beijing to stem any domino effects across the global economy.Īnalysts played down the threat of Evergrande’s troubles becoming the country’s “ Lehman moment”, though concerns about the spillover risks of a messy collapse of what was once China’s top-selling property developer have roiled markets.

Evergrande in default