China Builders Slide to Record Lows as a Top Chairwoman Resigns
- Developers’ bonds and stocks slump after Longfor resignation
- Firm was the first to recently sell state-guaranteed yuan note
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A sudden resignation by the founder and chairwoman of a top Chinese builder has added to concerns over China’s ailing property sector, fueling a further selloff that dragged many securities to record lows.
Longfor Group Holdings Ltd., the country’s 10th-largest builder, tumbled in the bond and share markets Monday after billionaire Chairwoman Wu Yajun stepped down, citing health and age reasons. China’s builder-dominated high-yield dollar bonds, which haven’t posted a daily gain in nearly four weeks while logging one of their worst-ever monthly losses, fell another 1 cent to 3 cents, according to credit traders.