Greentown China falls on additional bonds plan to refinance debt

Greentown China Holdings

18/02/2025 07:02

** Shares of Greentown China  3900.HK  fall 2.3% to HK$9.27,
on course for the biggest one-day pct decline since Feb. 11
    ** Stock on track to snap four straight sessions of gain
    ** The state-backed property developer on Tuesday said it
proposed to issue additional bonds worth $350 mln to help
refinance its existing borrowings, mirroring a similar move it
made last week
    ** Company last week said it sold $350 mln worth of 8.45%
senior notes due in 2028, in a sign that some investor appetite
for speculative-grade China property debt could be returning
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 1.8%,
index tracking properties and construction stocks  .HSCIPC 
eases 1.3%, while Hang Seng Index  .HSI  climbs 0.7%
    ** Stock rose 16.5% last year

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