China's Yuexiu REIT hits record low as Fitch revises outlook to negative

Yuexiu Real Estate Investment Trust

15/04/2024 05:32

** Units of China's Yuexiu Real Estate Investment Trust
 0405.HK  fall 3.2% to HK$0.91, their lowest since debut in
December 2005
    ** Unit is the second biggest pct loser in Hang Seng
Composite Index on properties and construction segments
 .HSCIPC  
    ** Fitch Ratings has revised the outlook on Yuexiu Real
Estate Investment Trust's (YXR) Long-Term Foreign-Currency
Issuer Default Rating (IDR) to Negative from Stable, and
affirmed the IDR at 'BBB-' 
    ** "We see further downside in the occupancy rate of YXR's
office portfolio given the continued oversupply" - Fitch
    ** Hang Seng Mainland Properties Index  .HSMPI  eases 0.8%,
while Hang Seng Composite Index tracking properties and
construction firms  .HSCIPC  and Hang Seng Index  .HSI  both
slip 0.7%
    ** Unit down 27.8% YTD  

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