Evergrande shares suffer biggest drop since 2010

The troubled, massive property conglomerate China Evergrande Group saw its shares plunge to an 11-year-low on Monday.

That's after it said there was 'no guarantees' that it could repay its mammoth debt - currently standing at more than $300 billion.

That statement also prompted Chinese authorities to summon its chairman.

Shares dropped 12 percent to just under two Hong Kong dollars during trading hours.

If Evergrande were to fold, it's feared the collapse would send shockwaves through the country’s property sector and beyond.

Monday also marked the end of a 30-day grace period on a payment it owed of tens of millions of dollars.

Authorities in Guangdong province, where Evergrande is headquartered, have summoned Chairman Hui Ka Yan.

Officials later said a working group would be sent to the developer - at Evergrande's request - to oversee risk management, strengthen internal controls and maintain normal operations.

Beijing's central bank has tried to reassure the market - saying that housing sales, land purchases and financing "have already returned to normal in China".

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