China developer CIFI halts trading, property services unit plummets

Ever Sunshine Services

27/10/2022 06:47

** Shares of CIFI Ever Sunshine Services Group Limited
 1995.HK  tumble as much as 9.3% to their lowest since Jan 2019
    ** The Chinese property management co was listed in Hong
Kong in Dec 2018
    ** CIFI's parent company, property developer CIFI Holdings
 0884.HK , says its shares were suspended from trading on
Thursday  urn:newsml:reuters.com:*:nFWN31S000
    ** Analysts expect CIFI Holdings to announce about
appointing advisers to study offshore debt restructuring options
after missing a coupon payment this month
    ** Shanghai-based CIFI said on Oct 13 it did not meet
certain offshore scheduled interest and amortisation payments
due to delay in remittance during an extended holiday in
mainland China  urn:newsml:reuters.com:*:nL1N31E098
    ** It warned of events of default at the time if it failed
to meet its offshore debt obligations or implement appropriate
solutions 
    ** A bond default by CIFI would deepen investor worries that
the debt crisis in China's real estate sector is spreading to
the quality players
    ** Top developer Country Garden  2777.HK , Beijing-based
Longfor Group  0960.HK  and state-based Greentown China
 3900.HK  fall over 2% each
    ** Hang Seng Mainland Properties Index  .HSMPI  is down 0.8%
 ((clare.jim@tr.com))