BANGKOK — Shares were mixed in Asia on Monday after troubled Chinese property developer Evergrande warned late Friday it may run out of money.
Hong Kong dropped 1.2% but the Shanghai Composite index rose. South Korea’s benchmark advanced but Tokyo and Sydney declined.
More broadly, investors are struggling with uncertainty about the newest coronavirus variant and about when the Federal Reserve will cut off its support for markets.
Regulators were scrambling to reassure investors after Evergrande, one of China‘s biggest developers, said it may run out of money to “perform its financial obligations” as it struggles to comply with pressure to reduce its $310 billion in debt.
The worry is that unsustainable levels of debt in the property sector might trigger a financial crisis. China wants to avoid a bailout but also is unlikely to let the situation deteriorate to the point…
