Property group’s shares slide to record low after company missed international coupon payments last week
email rounding up the latestShares in Country Garden slumped to a record low on Monday after the Chinese developer suspended trading in at least 10 of its mainland bonds, spurring a wider sell-off in property-linked stocks.missed international bond payments last week
Shares in developer Jinmao Holdings also fell as much as 9.8 per cent after the company issued a profit warning late on Friday. A Hong Kong index tracking the mainlanddropped as much as 4.8 per cent, while the broader Hang Seng index fell 2.5 per cent and China’s CSI 300 shed 1.3 per cent. Beijing has so far stopped short of bailing out any of the country’s developers, dozens of which have defaulted since the failure of Evergrande in 2021, and focused instead on the completion of residential properties. But officials have stepped up their supportive rhetoric about the sector in recent weeks amid concerns over widespread defaults.
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