China Jinmao Shares Fall 7.7% as Chairman Probed by Authorities
- Cai Xiyou investigated for "serious disciplinary actions"
- Cai is latest Chinese property developer in countrywide probe
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China Jinmao Holdings Group Ltd. declined by the most in almost six months after the company said Chairman Cai Xiyou is being investigated by Chinese authorities for "suspected serious disciplinary violations."
The mainland property developer’s shares fell as much as 7.7 percent on Thursday, the biggest intraday decline since Aug. 24, as the market reopened in Hong Kong after a break for the Chinese Lunar New Year holiday. A gauge of property stocks on the Hang Seng Index fell as much as 3.3 percent in early trading.