Country Garden shares slump to record low after onshore bond trading halted

  • 📰 Reuters
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

Finance Finance Headlines News

Finance Finance Latest News,Finance Finance Headlines

Shares of China's Country Garden plunged more than 12% on Monday morning after the real estate company suspended trading in 11 of its onshore bonds from Monday.

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photoplunged more than 12% on Monday morning after the real estate company suspended trading in 11 of its onshore bonds from Monday.

The stock hit a new low of HK$0.86, following reports on Friday the company was heading for a debt restructuring that added to concerns about the deteriorating outlook in the property sector. Markets are jittery as more developers default on bond payments amid no signs of stronger support measures from Beijing.of two dollar bond coupons due on Aug. 6 totalling $22.5 million, confirming market fears that the developer was slipping into repayment troubles.

In separate filings during the weekend, the firm said the resumption of trading of its onshore bonds would be determined at a later date.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in FİNANCE

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China’s Country Garden, Zhongrong Trust renew debt market fearsChina’s biggest private property developer Country Garden suspends trading of its 11 onshore bonds from Monday, according to filings to the Shenzhen S
Source: FXStreetNews - 🏆 14. / 72 Read more »