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Sunac China shares dropped as much as 30% on Friday after a liquidation petition was filed against the indebted developer, making it the latest company to face such a move amid an unprecedented debt crisis in China's property sector.
Struggling Chinese property developer Sunac China is seeking to extend the repayment for a 4 billion yuan ($558.35 million) bond for the third time by pushing out the deadline by another 6 months, two sources with knowledge said on Tuesday.
Shares of Sunac China Holdings Ltd. slumped, following a credit downgrade by Moody's Investors Service, driven by the Chinese property developer's constrained funding access and worsening liquidity.
With geopolitical tensions rising, the world's second-biggest economy may be at a crossroads, forcing a closer look at Chinese stocks. The post 7 Chinese Stocks to Watch as Geopolitical Tensions Simmer appeared first on InvestorPlace.
Shares of Hong Kong-listed Chinese property developers rallied Tuesday morning after China Evergrande Group 3333, +5.41% said work had resumed at more than 90% of its stalled residential projects.