Country Garden leads HK-listed Chinese developers lower on fears of debt risks

KWG group

18/01/2023 07:51

** Country Garden  2007.HK  leads slide in Hong Kong-listed
Chinese property developers, falling as much as 8.5% to HK$2.59
    ** Stock set for a third session of losses as China
developers' debt risks persist after support policies' slow
start
    ** Stock mark biggest intraday pct fall since Dec 20, 2022
and is biggest pct decliner in Hang Seng Property Index  .HSNP 
and second-biggest loser in Hang Seng Index  .HSI  and Hang Seng
China Enterprises Index  .HSCE  
    ** Country Garden had some rare good news for the
cash-squeezed property sector with an offshore debt repayment on
Tuesday, but a closer look reveals just how much developers may
still struggle to access capital, developers and analysts said
 urn:newsml:reuters.com:*:nL1N3420PV
    ** China's largest property developer by sales repaid its
4.75% dollar bonds  KY175117849=  with outstanding principal
totalling $625 mln  urn:newsml:reuters.com:*:nFWN3421BO 
    ** HSBC says property investment remained the weakest point
despite a further rollout of property-easing measures and the
investment weakness may well carry into 2023 
    ** Shares of Longfor  0960.HK , CIFI  0884.HK , Seazen
 1030.HK , Greentown China  3900.HK  and KWG  1813.HK  fall
between 4% and 6.8% 
    ** Hang Seng Property Index  .HSNP  falls 0.9% and Hang Seng
Mainland Properties Index  .HSMPI  drops 2.7% 
    ** Hang Seng China Enterprises Index  .HSCE  climbs 0.1% and
Hang Seng Index  .HSI  gains 0.2%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))