Chinese developer Radiance hits record low after missing bond payment

Radiance Holdings (Group)

21/03/2024 05:48

** Shares of property developer Radiance Holdings  9993.HK 
drop as much as 14.3% to HK$1.68, lowest since debut in Oct 2020
    ** Stock logs biggest one-day pct decline since Feb. 5; top
pct loser in Hang Seng Composite Index on properties and
construction stocks  .HSCIPC   
    ** Beijing-based firm says it missed repayment of a $300
million offshore bond due the previous day
    ** Co says missed payment would not have any potential
material impact on business operations
    ** Hang Seng Mainland Properties Index  .HSMPI  surges 3.8%,
Hang Seng Composite Index  .HSCIPC  rises 2.6% and Hang Seng
Index  .HSI  adds 2.2%
    ** Stock down 53.4% YTD  

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