China's CIFI jumps on progress of offshore liquidity proposal

CIFI Holdings (Group)

29/04/2024 03:31

** Shares of Chinese property developer CIFI Holdings
(Group) Co Ltd  0884.HK  jump as much as 25% to HK0.375, their
highest since March 4
    ** Stock marks its biggest one-day rise since Nov 23, and on
track for sixth consecutive session of gains; top gainer on the
Hang Seng Composite Index tracking properties and construction
stocks  .HSCIPC  
    ** CIFI said it has made progress and reached an agreement
with the ad hoc group of bondholders on the key terms of a
holistic proposal regarding its offshore liquidity situation
    ** The developer also said there are no current legal
proceedings against the company commenced by any creditors 
    ** Hang Seng Mainland Properties Index  .HSMPI  rises 1.9%,
Hang Seng Composite Index tracking properties and construction
stocks  .HSCIPC  adds 1.5% and Hang Seng Index  .HSI  gains 0.8%
    ** Stock up 37.3% YTD 

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