China’s property market woes are causing pains in broader parts of the economy, as disappointing earnings drove a major gas distributor’s stock to sink by the most since 2000, wiping out $2.5 billion in market value in one day.
Shares of China Gas Holdings Ltd. slumped by 20% on Tuesday, the worst performer in the MSCI China Index. The selloff followed the company’s announcement that net income for the six months through September fell 19% year on year, as the number of new residential connections plunged by more than a third.
