China Evergrande shares hit 11-year low on default risks

A peeling logo of the Evergrande Oasis, a housing complex developed by Evergrande Group, is pictured outside the construction site where the residential buildings stand unfinished, in Luoyang, China on Sept 16, 2021. - Reuters

HONG KONG: Shares of Evergrande on Monday plunged as much as 19% to their lowest in over 11 years, extending losses as investors take a dim view of its business prospects with a fast approaching deadline for payment obligations this week.

By noon, the stock had touched HK$2.06, the weakest level since May 2010.