China Evergrande's Creditor Meeting Cancellation Triggers Hong Kong Stock Slide
Hong Kong stocks, including the Hang Seng Index and Hang Seng Tech Index, fell as concerns grew over China's property sector after China Evergrande Group, the world's most indebted developer, cancelled creditor meetings, signaling potential setbacks in its debt restructuring plans. Property stocks led the decline, with Country Garden Services Holdings and Longfor Group among the decliners. E-commerce platform JD.com and Tencent Holdings also saw drops. The cancellation of creditor meetings and poor sales have raised worries about China's property crisis and its impact on the economy. The property sector accounted for 6.1% of China's economy last year, and industries linked to real estate contribute to about a quarter of the economy.