China's Country Garden hits three-week low as co faces liquidation petition

Kingboard Holdings

28/02/2024 02:19

** Shares of Country Garden Holdings  2007.HK , China's
largest private property developer, fall as much as 13.9% to
HK$0.62, their lowest since Feb 6
    ** Stock posts biggest intraday pct decline since Aug 14,
and is the biggest pct loser in Hang Seng Composite Index on
properties and construction stocks  .HSCIPC  
    ** Country Garden said on Wednesday it was facing a
liquidation petition for not repaying a term loan facility worth
HK$1.6 bln ($204.5 mln)
    ** The petition was filed against the co by a creditor, Ever
Credit Limited, which is a unit of Kingboard Holdings  0148.HK 
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 1.6%, 
the Hang Seng Composite Index  .HSCIPC , which tracks properties
and construction stocks, eases 0.4% and Hang Seng Index  .HSI 
slips 0.2%
    ** Stock down 19.2% YTD 

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