Chinese developer CIFI Holdings hits record low on payment default

Ever Sunshine Services

29/09/2022 04:02

** Shares of CIFI Holdings  0884.HK  drop as much as 22.1%
to HK$0.67, their lowest since debut in November 2012, after the
Chinese property developer confirmed that it had missed a
payment on an onshore trust loan related to a project in China's
Tianjin
    ** Stock is the biggest pct decliner in Hang Seng Composite
Index  .HSCI  and Hang Seng Composite Index  .HSCIPC , which
tracks properties and construction stocks 
    ** The Shanghai-based co says tepid sentiment among the
housing market affected sales of its property project in
Tianjin, impacting cash distribution of an investment trust
product issued by a financial institution   urn:newsml:reuters.com:*:nFWN30Z0UF
    ** CIFI says it is in discussions with the financial
institution to reach a reasonable solution and will take all
practical steps to improve its cashflow position
    ** Says it has made interest payment of its offshore 6.55%
senior notes due 2024 
    ** Shares of CIFI Ever Sunshine Services  1995.HK , CIFI
Holdings' property management services arm, drop 8.7% to
HK$2.73, their lowest since March 2019
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 1.6%,
while Hang Seng Composite Index  .HSCI  gains 1.2% and Hang Seng
Index  .HSI  rises 1.5%
    ** As of last close, shares of CIFI Holdings down 80.9% this
year
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))