Evergrande's Shares Plummet 80% as Trading Resumes

Shares of Chinese developer Evergrande plummeted by approximately 80% as they resumed trading in Hong Kong after a year and a half. The company, which is at the center of a real estate market crisis in China, posted a loss of 33 billion yuan ($4.5 billion) for the first half of 2021. Evergrande's financial troubles have had a ripple effect on the country's property industry, with other developers defaulting on their debts and leaving unfinished building projects. Policymakers are now focused on preventing financial contagion and providing liquidity and credit support to the economy and the real estate sector.