Shares Chinese property developers slide on report that hundreds suppliers struggle to survive
STOCKS
Shares Chinese property developers slide on report that hundreds suppliers struggle to survive
STOCKS

Shares Chinese property developers slide on report that hundreds suppliers struggle to survive

 

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Shares of Chinese property developers are sliding amid growing concerns over financial health of the sector after Chinese media reported that hundreds of developers’ suppliers are struggled to survive.

Longfor Group is sliding 3.4%, CIFI Holdings down 2.5%, Yuexiu Property down 2.3%, China Overseas Land & Investment down 2%.

Hundreds of suppliers to Chinese property developers, including some construction firms, are struggling to survive as they are unable to pay off bank loans and bills, reported Chinese news outlet Caixin.

Hundreds of embattled China Evergrande Group’s suppliers filed a joint complaint with the departments concerned and some small providers said China Evergrande has not repaid any commercial acceptance bills since cash crisis that started lated last year, without offering solutions, according to the report.