Chinese developer CIFI hits record low on Moody's downgrade; rivals fall

KWG group

07/10/2022 05:23

** Shares of Chinese property developer CIFI Holdings
(Group) Co  0884.HK  drop as much as 15.3% to HK$0.61, the
lowest since debut in November 2012, and on track for a third
consecutive session of losses
    ** Stock is the biggest pct loser in Hang Seng Composite
Index  .HSCIPC , which tracks properties and construction
stocks, and the second-biggest pct decliner in Hang Seng
Composite Index  .HSCI  
    ** Moody's downgrades CIFI ratings to "B3/Caa1" to reflect
refinancing risks, while the outlook remains negative reflecting
the uncertainty over the firm's ability to generate new funds
 urn:newsml:reuters.com:*:nFWN3170UN
    ** JPMorgan's long position in ordinary shares of CIFI
Holdings falls to 4.85% - HKEx filing  urn:newsml:reuters.com:*:nP8N310020
    ** Rivals also fall with KWG Group  1813.HK , Country Garden
 2007.HK , Longfor Group  0960.HK  and Jianyuan International
 2768.HK  falling between 8.6% and 11.7% 
    ** CCB International says a 51% year-on-year drop in
contracted sales among key Chinese developers in 9M22 indicates
the sector still under pressure, but it anticipates a rebound in
4Q22 contracted sales amid government stimulus to enhance
homebuyer sentiment
    ** Hang Seng Mainland Properties Index  .HSMPI  plunges 4.5%
and Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  drops 2.4%
    ** The Hang Seng Composite Index  .HSCI  falls 1.5% and the 
Hang Seng Index  .HSI  eases 1.2%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))