Why China Evergrande Stock Just Crashed
After collapsing earlier in the week on insolvency fears, then rebounding on hopes the company might make a big interest payment due Thursday, Chinese real estate giant China Evergrande Group (OTC: EGRN.F) tumbled this morning after it was reported that the company may have missed the deadline for payment. As of 10:35 a.m. EDT, China Evergrande stock is down 12.7%. As The Wall Street Journal confirmed this morning, the Thursday deadline for Evergrande making "a key interest payment to its U.S. dollar bondholders passed without any announcement."
