Guangzhou R&F tracks Xinyuan's fall on higher contagion risk

Xinyuan Real Estate Co

14/09/2021 05:59

** Shares of Chinese developer Guangzhou R&F Properties Co
Ltd  2777.HK  fall nearly 4% to HK$6.08, on course to snap two
consecutive sessions of gains 
    ** The drop tracks a 13.9% plunge of Xinyuan Real Estate
Co's U.S.-listed stock of  XIN.N  on Monday, the biggest daily
percentage decline since June 14 
    ** China Evergrande Group's  3333.HK  struggles to quickly
sell off assets and avert defaulting on its 1.97 trillion yuan
($305.3 billion) in liabilities is raising the risk of contagion
for other privately-owned developers, fund managers and analysts
say  urn:newsml:reuters.com:*:nL1N2QF0QE
    ** Evergrande's offshore bonds have dropped to less than a
quarter of their face value and S&P Global Ratings said bond
market volatility will exacerbate some developers' efforts to
refinance 
    ** Evergrande's shares drop 11.6% to HK$2.98, their lowest
since December 2014
    ** Smaller developer Fantasia Holdings Group  1777.HK  fall
6.2% to HK$0.61, the lowest since October 2011
    ** Fantasia said last Friday it had repurchased a further $3
mln outstanding senior notes in the open market to reduce future
financial expenses and lower its gearing level. It says it may
make further purchase of senior notes (https://bit.ly/3Acbc2i)
    ** The Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  falls 1% nad the Hang Seng Index
 .HSI  slips 0.1%

    

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