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China Developer Zhenro Plunges 66% on Bond Redemption Concern

  • Traders cite concern that bond repayment plan won’t proceed
  • Firm has said it would redeem a $200 million note in March
Updated on

Zhenro Properties Group Ltd.’s shares and dollar bonds plunged Friday, with traders citing concern that the Chinese builder won’t redeem a $200 million bond next month as planned.

The 10.25% perpetual note in question slumped to 35 cents on the dollar from 93 cents Thursday, according to data compiled by Bloomberg, and some other dollar bonds were on pace for record lows after falling at least 10 cents. Shares ended down a record 66% in Hong Kong and an onshore bond maturing in 2024 fell 23%, the most in over a month.