Evergrande shares fall as developer piles on debt to expand

Shanghai

EVERGRANDE Real Estate Group Ltd shares dropped as the Chinese developer said its debt mounted last year to fund acquisitions, raising concerns over whether it will be able to maintain sustainable growth.

The stock fell as much as 1.8 per cent in Hong Kong, the biggest intraday decline in two weeks, and traded 0.7 per cent lower at HK$5.96 as of 1:43pm local time. That compares to a 2.3 per cent increase in the Hang Seng Property Index.