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Chinese property developer C&D International Investment Group Limited tumbled as much as 30% in Hong Kong before paring losses to 26.2% as of 10:41 am local time. C&D Property Management is slumping more than 25%. In Shanghai, Xiamen C&D Real Estate is diving nearly 10%.
China is probing a number of executives at state-owned real estate companies, signaling an expansion of the government’s crackdown on misconduct that has centered on the financial and technology sectors.
Authorities said they were investigating at least four current and former top managers, including Xiamen C&D Real Estate Chairman Zhuang Yuekai, who is suspected of “serious” law violations.
