Contagion fear as China property giant Evergrande struggles to repay $300bn debt

Shares in Hong Kong-listed firm slump 10% and bond trade suspended amid fears for shaky Chinese real estate market

Shares in the embattled Chinese property giant Evergrande have slumped again after two credit downgrades in two days amid concerns that it will default on parts of its massive $300bn debt pile.

Evergrande, which is one of the world's most indebted companies, has seen its shares tumble 75% this year. They fell by almost 10% on Thursday morning to HK$3.35, which is below the listing price when the company floated on the Hong Kong market in 2009.