China Evergrande Group said documents circulating online about a corporate restructuring involving a key subsidiary were fake, after they spurred a steep selloff in the Hong Kong-listed real-estate developer’s bonds and shares. Evergrande is China’s largest property developer by contracted sales last year and Asia’s largest junk-bond borrower. The heavily indebted company is known for unconventional financial tactics and for venturing into other business lines such as electric vehicles.

Source: Wall Street Journal September 24, 2020 13:44 UTC