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China debt crunch

China Evergrande shares tumble after failure of sale talks

Developer running out of options as default deadline looms on Saturday

A display shows China Evergrande development projects around the country: Work on hundreds of these has been halted as the company falls behind on payments to suppliers and contractors.    © AP
NARAYANAN SOMASUNDARAM, Nikkei Asia regional finance editor | Hong Kong

HONG KONG -- Shares of China Evergrande Group slumped as much as 14.2% as they resumed trading in Hong Kong on Thursday after a three-week halt as the debt-strapped developer sought unsuccessfully to sell a controlling stake in its property management business.

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