FTSE 100 drops as fears over Chinese property giant Evergrande triggers global market sell-off | Business
Growing concerns about the possible collapse of one of China’s biggest property developers triggered a sell-off in global markets this morning, sending Britain’s blue-chip shares to their lowest level in two months.
Evergrande, a builder of swanky flats for China’s middle and upper-income earners, was warned earlier this summer by Chinese officials that it needed to get a handle on its $300 billion debt pile. Bosses recently cautioned that they were struggling to service the debt and a crucial interest payment deadline on its offshore bonds looms this Thursday.
Evergrande shares, listed in Hong Kong, fell another 10 per cent overnight to HK$2.28 and have lost almost 90 per cent of their value this year.
The saga has underscored concerns about the health of the