Investors continued to sell China Evergrande Group’s stock Tuesday as the debt-ridden property giant scrapped a planned special dividend and after global ratings agency S&P cut its credit rating, reported Caixin.
Evergrande said it decided to cancel the payout based on its own consideration about current market conditions, the interests of shareholders and creditors, and the company’s “long-term development,” according to a Tuesday filing to Hong Kong Stock Exchange.
The decision came as analysts were speculating that the company planned to use the special dividend to revive investor confidence, Bloomberg reported Monday.