Salem Radio Network News Sunday, May 22, 2022

Business

Shares of embattled developer China Evergrande rise 5% in early trade

HONG KONG (Reuters) – Shares of China Evergrande Group rose more than 5% on Thursday as hopes of a managed debt restructuring calmed fears of a messy corporate collapse after the developer missed a debt payment deadline this week.

Evergrande’s shares, which hit a record closing low on Wednesday, rose as much as 5% to HK$1.82.

(Reporting by Anne Marie Roantree; Editing by Christopher Cushing)

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