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Hong Kong Stocks Slip, Worst Start In Years On Evergrande, Alibaba, Omicron

January 4, 2022
Source: invesbrain.com invesbrain.com
News Snapshot:
A confluence of factors on Monday, the first trading session of 2022, marked the worst start to a year for Hong Kong stocks since 2019. First, Evergrande Group shares were suspended in Hong Kong after Chinese media reported the heavily indebted property developer was forced to demolish 39 buildings within ten days because it illegally obtained building permits. Evergrande has also missed several deadlines on $20 billion of international bonds and defaulted on its debt (read: here & https://www.zerohedge.com/markets/evergrande-has-finally-defaulted-heres-what-happens-next ). The troubled property developer has a mindboggling $300 billion in outstanding debt. Then Alibaba Group Holding Ltd. fell 3% after...
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