Property Stocks Tumble; China Backs Deals: Evergrande Update
WATCH: Kaisa Group Appoints Financial Adviser
Source: Bloomberg
This article is for subscribers only.
Chinese property stocks tumbled close to a new five-year low after a series of asset sales underscored concern that equity investors will bear the brunt of losses as developers offload projects to repay debt.
Shimao Group Holdings Ltd. agreed to sell stakes in a Hong Kong development at a loss while Sunac China Holdings Ltd. unloaded assets in Shanghai as developers seek to raise cash. China regulators meanwhile signaled they will support “quality” real estate firms looking to buy assets from struggling rivals, according to a report.