Country Garden falls after co says to raise funds for missed coupon payment

Agile group

13/03/2024 03:47

** Country Garden Holdings's shares  2007.HK  fall 4.9% to
HK$0.58, on course to snap three straight sessions of gain
    ** Stock on track for biggest one-day pct drop since March 5
and is stock down 24.4% YTD
    ** The Chinese property developer says funds for 96 mln yuan
($13.4 mln) coupon payment due Tues not fully in place and it
plans to raise funds for the missed onshore coupon payment
within 30-day grace period
    ** Rivals also fall: Longfor  0960.HK , Logan  3380.HK , R&F
Properties  2777.HK , China Vanke  2202.HK , China South City
 1668.HK , Hopson  0754.HK , Shimao  0813.HK , Agile  3383.HK 
and Sunac  1918.HK  down 1.3% to 4%
    ** Citi says: "After three years of de-leveraging cycle, we
think financial systematic risk seems to have bottomed, property
sector health should improve and credit risk would further pare
down to tolerable levels"
    ** Hang Seng Mainland Properties Index  .HSMPI  slips 0.5%;
Hang Seng Composite Index  .HSCI  up 0.2% and Hang Seng Index
 .HSI  adds 0.3%

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))