China's developer Logan sees worst day on record in resumed trade, sees loss in H1

Logan

24/08/2022 03:45

** Shares of Chinese property developer Logan Group Co Ltd
 3380.HK  plunge as much as 57.8% to HK$0.92 in resumed trade,
their lowest level and the biggest daily pct drop since debut in
December 2013
    ** Stock, which was suspended on May 12, is the biggest pct
loser on the Hong Kong bourse
    ** Logan reports a 23.4% year-on-year drop in net profit
attributable to owners to 9.98 bln yuan ($1.46 bln) for 2021
 urn:newsml:reuters.com:*:nFWN2ZZ1IX
    ** Guangdong-based developer expects to record a net loss of
up to 800 mln yuan for H1 2022 amid decline in delivery as
COVID-19 pandemic caused delays in construction progress
 urn:newsml:reuters.com:*:nL1N2ZX06E
    ** Logan, with current market value of HK$6.71 bln ($855.38
mln), says it has completed the time extension for payment in
connection with 12 onshore open market bonds in domestic capital
market and has entered into an agreement for time extension for
payment regarding an offshore borrowing  urn:newsml:reuters.com:*:nFWN2ZZ1IS
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 2.5%,
Hang Seng Composite Index on properties and construction stocks
 .HSCIPC  falls 2%, and Hang Seng Index  .HSI  declines 1%
    ** As of last close, the stock had dropped 63.4% this year
($1 = 6.8540 Chinese yuan renminbi)

($1 = 7.8445 Hong Kong dollars)

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