INSUBCONTINENT EXCLUSIVE:
tumbled in the bond and share markets Monday after billionaire Chairwoman Wu Yajun stepped down, citing health and age reasons
of effective support for the debt-ridden industry
Junk dollar notes have been setting record lows on a daily basis of late, in contrast to October gains for such debt in the US and
Europe.
Meanwhile, a Bloomberg Intelligence stock gauge of Chinese builders is at levels unseen since 2011
and China Vanke Co., skidded at least 9.8 per cent on the day in Hong Kong, hitting record lows, while third-ranked Poly Developments and
fell the 10 per cent limit in Shanghai.
Investment-grade Longfor was the first among a small group of private-sector real estate firms to
sold local bonds under a program which emerged in August for state-owned China Bond Insurance Co
A company official said earlier this month that Longfor was planning a second sale.
That scheme initially fueled a rally in the broader
But the optimism quickly faded amid worries about CIFI Holdings Group Co., which ultimately failed to honor a convertible-bond coupon in
later Monday from ChinaReal Estate Information Corp.
Longfor on Monday tried to soothe market nerves, disclosing a partial early repayment
equity climbed off session lows to stem a bit of the losses
Also, four onshore notes suffered trading halts after skidding more than 20 per cent.
