China Evergrande's Debt Crisis Sends Shockwaves Through Chinese Stock Market

Shares of China Evergrande Group dropped for a second consecutive session after its subsidiary, Hengda Real Estate Group, missed a 4 billion yuan ($547 million) bond repayment. This comes after Evergrande announced its inability to issue new debt due to an ongoing investigation into Hengda, causing a 22% plunge in its share price. Evergrande has been grappling with a series of financial setbacks since its default on offshore debt obligations in 2021 and has been seeking creditors' approval for a $31.7 billion debt restructuring plan.