Country Garden, one of China’s top property developers, sees its bonds and stocks sliding further on Monday after a sell-off last Friday on renewed market concerns over its liquidity situation.
The bond due September 2025 tumbled more than 21% on the Shenzhen Stock Exchange before triggering a temporary suspension. The bond due November 2023 is slumping 20% on the Shanghai Stock Exchange. The bond due December 2025 is sliding more that 19% in Shenzhen, while the bond due September 2025 is down more than 8% in Shanghai .
The property developer’s Hong Kong-traded stocks are falling more than 5% to hit a low of HK$1.3 after sliding over 6% last Friday.Â
Country Garden said on Thursday it reached agreements with various financial institutions to refinance part of a 2019 loan facility it had borrowed from them, fuelling market concerns about its financial health. Related…
