Country Garden Woes Deepen as Yuan Bonds Halted, Shares Slide
- Chinese developer shares, bonds fall further amid its woes
- Firm is mulling extending some notes, people said last week
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A crisis at Country Garden Holdings Co., formerly China’s biggest developer, is deepening after units halted trading of local bonds and shares slid following a cut by Morgan Stanley.
The developer, whose woes threaten even worse fallout than defaulted peer China Evergrande Group given it has four times as many projects, is suspending trading of 11 onshore notes issued by the company and subsidiaries, it said in a filing to the Hong Kong stock exchange Sunday. The firm’s shares fell as much as 17.4%, after closing below HK$1 for the first time ever last week. Its bonds have fallen deep into distress, indicated below 10 cents.