Shares of Evergrande, one of China’s biggest and most indebted property developers, have fallen in recent months, nearing lows hit in March 2020.
Its bonds also have dropped in price in recent weeks, sending yields soaring, with the yield on one bond due in January 2024 topping 20% on Monday, according to Tradeweb.
Last week, internet users shared posts describing deep discounts offered by Evergrande.
It said it would repay a small amount of overdue commercial paper it owed a few companies, and said all its dealings with Shengjing Bank were in accordance with the law.
“All of our operations are running normally,” Evergrande said on its website, adding that it hadn’t missed an interest or principal payment in the 25 years since its founding.
Evergrande, ” Evergrande, hadn’t
China Evergrande, Evergrande, Shengjing Bank Co, Shengjing Bank