HONG KONG—China Evergrande Group shares slumped to a record low on Dec. 6 as authorities intervened to reassure markets after the heavily indebted property developer warned on a coupon payment, pushing it closer to default.
China’s central bank said it would cut reserve requirements for banks while the politburo vowed to promote healthy development of the property sector, reinforcing previous messages to investors that Evergrande’s woes could be contained.
