Property developer SOHO China jumps most in 15 mths on management changes

SOHO China

07/09/2022 06:47

** Shares of commercial property developer SOHO China Ltd
 0410.HK  jump as much as 17.6% to HK$1.60 - biggest daily pct
rise since June 17, 2021, if gains hold 
    ** Stock hit the highest since March 24; biggest pct gainer 
in Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  
    ** Beijing-based developer says Pan Shiyi has resigned as 
chairman and Pan Zhangxin Marita has resigned as CEO of the
company effective Sept. 7, as they focus on supporting the arts
and philanthropic pursuits  urn:newsml:reuters.com:*:nFWN30D1B1
    ** Says Xu Jin and Qian Ting have been appointed as co-CEOs
and Huang Jingsheng has been appointed as non-executive chairman
of the board 
    ** In July, SOHO China had said its CFO was under
investigation by police for alleged insider trading in the
company's shares, while its directors and other senior officers
were not directly involved in the investigation  urn:newsml:reuters.com:*:nL1N2YO0KW
    ** The Hang Seng Composite Index on properties and
construction stocks  .HSCIPC  slips 0.5%, the Hang Seng
Composite Index  .HSCI  falls 1.5% and the benchmark Hang Seng
Index  .HSI  drops 1.7%
    ** As of last close, the stock had fallen 20.9% this year

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