China Evergrande says it can't issue new debt

04:30

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Asia Pacific

China Evergrande says it can't issue new debt

Embattled Chinese property developer Evergrande has said it is unable to meet qualifications for the issuance of new notes under its debt restructuring plan. Asian stocks are in the red as a consequence and developer stocks are tumbling on the stock exchanges in the Asia Pacific region. With more than $300 billion in total liabilities, including offshore debt, Evergrande has been at the centre of a property debt crisis. Multiple Chinese developers have defaulted over the past year, and many entered debt restructuring talks.