Heard on the Street: China Evergrande has slashed prices of properties sold this month and next, but its share price has actually risen
When a company has the highest debt interest bill of any listed firm in the world, its traditional route of sales has frozen almost completely, and it cuts prices by a quarter, is that good news?
According to the equity market, it is indeed. China Evergrande Group’s share price is now roughly flat since January 23, when the quarantine of the city of Wuhan began. What happens next will be a test case for Beijing’s relationship with the country’s gigantic property developers.
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