China's Ronshine at record low after missing bonds' interest payments

Ronshine China Holdings

11/07/2022 03:52

** Shares of Chinese property developer Ronshine China
Holdings Ltd  3301.HK  drop 8.2% to HK$1.45, the lowest since
debut January 2016 
    ** Stock set for the biggest daily pct decline since July 4,
and on track for the fourth consecutive session of fall
    ** Ronshine China says it has not made interest payments on
its June 2023 and December 2023 notes, totalling $27.9 million,
in the latest blow to China's embattled property market
 urn:newsml:reuters.com:*:nL1N2YR06N
    ** Shanghai-based developer says it cannot guarantee that it
will be able to repay the interest on the senior notes and other
senior notes when they fall due, in light of its current
liquidity position 
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 3.9%
and Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  falls 2.3%
    ** Hang Seng Composite Index  .HSCI  falls 2.3% and Hang
Seng Index  .HSI  declines 2.4%
    ** As of last close, the stock had fallen 47.3% this year

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