Evergrande shares have been halted after its stock plunged 20% this morning. It follows a court in Hong Kong ordering the liquidation of the Chinese property group for failing to offer a concrete restructuring plan. Court documents show the company has asked for a further three months to produce a new restructuring plan. When the company defaulted two years ago, it sent shockwaves through global financial markets – and has left many home buyers waiting for their new properties. It is the most indebted developer, with more than $300 billion of total liabilities. The impact of the latest court order could once again disrupt financial markets as the property sector accounts for as much as about a quarter of China's GDP, as IGTV’s Angela Barnes explains.
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† For the 12 months preceding 1 July 2023.
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We provide fast and flexible access to over 17,000 financial markets – including indices, shares, forex and commodities – through our award-winning range of platforms and apps.
Established in 1974 as the world’s first financial spread betting firm, we’re the world’s No.1 provider of CFDs and spread betting* and a global leader in forex. We also offer an execution-only share dealing service in the UK, Ireland, Germany, Austria and the Netherlands.
Our range of affordable, fully managed investment portfolios rounds out our comprehensive offering to investors and active traders. Through our low fees and smart price-sourcing technology, we help traders keep their costs down.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider†. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit.
* Based on revenue excluding FX (published financial statements, February 2023).
† For the 12 months preceding 1 July 2023.