China Evergrande shares hit record low as it edges closer to default

With $82.5m repayment due, property developer appears to be heading for restructuring

Shares in the struggling Chinese property developer Evergrande hit a record low on Monday after strong indications that it is on the verge of a potentially disastrous default and could be forced into a full-blown restructuring.

The company has lurched from one crisis to another in recent months as it faced a series of repayments on debts - three times waiting until the last possible moment to stump up the cash needed to stay afloat.