Chinese property developers Country Garden and Longfor Group’s bonds are shares are extending losses.
Longfor Group’s onshore bond due January 2027 tumbled 36.02% on the Shanghai Stock Exchange before the trading was temporarily halted due to abnormal fluctuations. Its 3.9% dollar bond due 2023 falls 0.8 cents on the dollar to 91.2 cents.
Country Garden’s onshore bond due June 2026 tumbled 20% on the Shenzhen Stock Exchange before the trading was temporarily halted due to abnormal fluctuations. Its bond due March 2026 is sliding more than 13% on the exchange, bond due July 2025 down more than 9%.
Country Garden’s 4.75% dollar bond due 2023 falls 1.1 cents on the dollar to 72.6 cents.
Longfor Group’s shares are slumping more than 8% in Hong Kong, Country Garden’s shares sliding nearly 7%.