China's homebuilder Ronshine falls as Fitch downgrades on increasing liquidity risks

Ronshine China Holdings

24/03/2022 06:16

** Shares of homebuilder Ronshine China Holdings  3301.HK 
reverse course to fall as much as 3.3% to HK$2.34, and on course
to snap two straight session of gains
    ** Fitch downgrades Ronshine to "CCC" from "B-" on
increasing liquidity risks  urn:newsml:reuters.com:*:nFWN2VQ0XM
    ** Downgrade reflects increasing uncertainty over Ronshine's
liquidity position and funding access, following the resignation
of PricewaterhouseCoopers as auditor and the delay in the
publication of the company's 2021 annual results - ratings
agency
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 3.3%
and Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  falls 1.2%
    ** The Hang Seng China Enterprises Index  .HSCE  eases 0.3%,
and the Hang Seng Index  .HSI  slips 0.1%
    

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