China property manager Sunac Services hits record low on H1 loss forecast

Sunac Services Holdings

25/08/2022 07:59

** Shares of property manager Sunac Services Holdings Ltd
 1516.HK  plunge as much as 18.6% to HK$2.53, their lowest since
November 2020 debut and down for a third straight session 
    ** Stock set for biggest daily pct decline since March 15 if
losses hold; biggest pct loser in the Hang Seng Composite Index
 .HSCI  and Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  
    ** Sunac China  1918.HK -backed co expects to report up to
760 mln yuan ($110.99 mln) in loss for H1 due to a significant
increase in impairment provision amid a weak real estate
industry  urn:newsml:reuters.com:*:nFWN3001KO
    ** The Hang Seng Mainland Properties Index  .HSMPI  rises
1.9% and the Hang Seng Composite Index on properties and
construction stocks gains 0.8%
    ** The Hang Seng Composite Index  .HSCI  surges 2.7% and the
Hang Seng Index  .HSI  jumps 2.9%
    ** As of last close, the stock of Tianjin-based co had
dropped 60.9% this year
    
($1 = 6.8475 Chinese yuan)

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