Chinese Developer Shares Fall on Debt Crisis: Evergrande Update
- S&P cuts Greenland Holding, Fitch downgrades Modern Land
- Evergrande to sell $11 million stake in a furnishings company
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Chinese developers fell in Shanghai stock trading as the embattled industry was hit by yet more downgrades.
A sub-index of the CSI 300 tracking shares of real estate companies dropped 3.9%, while the broader index traded 0.5% lower. S&P Global Ratings cut Greenland Holding Group Co., saying impaired funding access will limit its ability to weather the slump, while Fitch Ratings also downgraded Modern Land China Co.