China's Sunac at 11-year low as year-long suspension ends, rivals dip

China Jinmao Holdings

13/04/2023 04:45

** Shares of property developer Sunac China Holdings Ltd
 1918.HK  plunge as much as 59.4% to HK$1.86 in resumed trade
after suspension of more than a year, lowest since January 2012
    ** Stock trims losses later to trade at HK$2.11, still down
54%; biggest pct loser on HK bourse
    ** Co says it would resume trading and was implementing debt
restructuring plan 
    ** Sunac among Chinese developers that defaulted on
repayments of debt last year after starting to record losses in
2H 2021
    ** Bigger rivals also dip with Country Garden  2007.HK  down
5.4%, China Jinmao Holdings Group Ltd  0817.HK  falling 5.9% and
China Resources Land Ltd  1109.HK  easing 2.2%, while smaller
rivals Logan Group Co Ltd  3380.HK  and Guangzhou R&F Properties
Co Ltd  2777.HK  down 6.4% and 3.9%, respectively  
    ** Hang Seng Property Index  .HSNP  falls 1.4% and Hang Seng
Mainland Properties Index  .HSMPI  drops 2.6% 
    ** Hang Seng Composite Index  .HSCIPC  dips 1.2% and Hang
Seng Index  .HSI  eases 0.9%
    
  

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