Zhenro Properties to limit trading of Shanghai exchange-traded bonds (updated)

Zhenro Services

14/02/2022 10:11

(Adds details from company statement, Moody downgrade, price
moves)
    SHANGHAI, Feb 14 (Reuters) - Trading in three Zhenro
Properties Shanghai exchange-traded bonds will be limited to
institutional investors from Tuesday, the company said on
Monday.
    The Shanghai-based company, China's No. 30 property
developer  6158.HK  by sales, also said in a statement to the
Hong Kong Stock Exchange that "certain articles that have been
published on the internet" about its offshore debt and
controlling shareholder are "untrue and fictitious".
    The yuan bond  CN175097=SS  closed down roughly 10% on
Monday, while the two other bonds  CN163782=SS   CN188420=SS 
were not traded. 
    Zhenro will "continue to closely monitor events
significantly weighing on bondholders' interests", it said in a
separate statement issued via the Shanghai Stock Exchange.
    Shares and bonds of Zhenro fell heavily on Friday before the
yuan bond  CN175097=SS  was temporarily suspended from trading.
 urn:newsml:reuters.com:*:nL1N2UM0EE
    Shares in Zhenro Properties  6158.HK  and its property
services unit  6958.HK  each ended more than 13% lower on
Monday. 
    The developer said that the operations of the Group remain
normal, and that the Group continues to carry on its business as
usual.
    Rating agency Moody's Investors Service said on Monday that
it had cut Zhenro's rating and lowered its rating outlook to
negative from stable, citing heightened refinancing and default
risks.  urn:newsml:reuters.com:*:nMDY4zdlH9

 (Reporting by Jason Xue and Andrew Galbraith; Editing by Susan
Fenton and Michael Urquhart)
 ((Jason.Xue@thomsonreuters.com;))