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China Evergrande shares plummet 12% as it edges closer to default
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theguardian.comThe struggling Chinese property developer Evergrande has seen its shares plunge to an 11-year low after strong indications that it is on the verge of a potentially disastrous default and could be forced into a full-blown restructuring.
The company has lurched from one crisis to another in recent months as it faced a series of repayments on debts – three times waiting until the last possible moment to stump up the cash needed to stay afloat.
But a statement from the company over the weekend said
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