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Chinese property developers are plunging on Wednesday after staging a strong rally in the previous two trading days.
In Hong Kong, Country Garden tumbled nearly 14% in the morning session, CIFI Holdings down 11.6%, Powelong down 9.4%. KWG Group down 7.2%. Ronshine China down nearly 7%, Times China sliding 6.7% and Seazen Holdings down more than 6%.
Country Garden Holdings Co, China’s largest property developer by sales, is looking to raise about HK$2.83 billion ($361 million) selling new shares at a discount, further underscoring the liquidity problems faced by Chinese property developers.
The company is offering 870 million shares at HK$3.25 apiece, according to a filing to the Hong Kong Stock Exchange Wednesday. That represents a discount of 12.6% to Tuesday’s share closing price of HK$3.72.Â