Property firm Glory Land sinks to record low, says short-term debt controllable

Glory Health Industry

18/01/2019 04:26

** Shares of property developer Glory Land Co Ltd  2329.HK 
fall as much as 15.3 pct to an all-time low of HK$1.38,
extending declines in the last two trading sessions 
    ** Stock set to fall 30.8 pct for the week, heading for the
biggest weekly pct decline since listing in July 2014
    ** Co says it took note of the recent stock price
fluctuation and says its operation has been good while the
management has full confidence in the company's future
development
    ** The Chinese property firm also says return of fund from
home sales has been normal, short-term debt pressure is
controllable, and there is no default in debt with its gearing
level below the industry's average
    ** Co says its contracted sales for 2018 jumped 47.3 pct
from a year ago to 21.9 bln yuan ($3.23 bln)  urn:newsml:reuters.com:*:nFWN1ZA0KA
    ** Glory Land has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 25.5 percentage points in the
past one month.
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  rises 1.6 pct, and the benchmark index  .HSI  climbs
0.96 pct
    
($1 = 6.7765 Chinese yuan)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)