China property stocks slump; lose $55 billion value as debt woes escalate: Report
Also Read: NSE plans to extend trading hours for derivatives segment in a phased manner: Report While developers are pinning their hopes on the upcoming Golden Week holiday period to revive home sales, a rapid cooling of a late-August rally in property shares shows any relief may be short lived, Bloomberg reported. Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! Meanwhile, China Oceanwide Holdings Ltd.
is facing a court-ordered liquidation as a Bermuda court has issued a winding-up order against the company. The nation’s regulator said it’s launched an inquiry into Ping An Real Estate Co.
over an undisclosed overdue loan payment. Concerns also linger over a potential default by Country Garden Holdings Co, Bloomberg reported.
Chinese property junk dollar notes, most of which are in deeply distressed levels at below 15 cents, were largely unchanged on Monday. Ping An Real Estate suffered the most, with its 2.75% note due 2024 falling 4.6 cents to 73.8 cents, according to Bloomberg-compiled data.
China’s high yield bond index, mainly composed of the country’s developers, dropped 0.25 cents last week, the first decline this month. (With inputs from Bloomberg)"Exciting news! Mint is now on WhatsApp Channels
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