Hong Kong-Listed China Developers Plunge in Early City Trading
Hong Kong-listed Chinese real- estate developers declined in early trading on the city;s stock exchange after Credit Suisse Group AG said China appears to be limiting funding for property companies.
KWG Property Holdings Ltd. fell 13 percent as of 10:15 a.m., Renhe Commercial Holdings Co. 12 percent, Country Garden Holdings Co. (2007) 13 percent, Agile Property Holdings Ltd. (3383) 13 percent, Greentown China Holdings Ltd. (3900) 10 percent and Shimao Property Holdings Ltd. (813) 10 percent.
A Reuters report that the China Banking Regulatory Commission ordered trust companies to inform the regulator of their dealings with Greentown may be a sign that China is trying to restrict financing sources for developers, Credit Suisse analyst Jinsong Du wrote in a report today.
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