Sky News Business Editor Ross Greenwood says shares in China’s 15th biggest developer, CIFI Holdings, plunged 26 per cent today as it recommenced trading on the Hong Kong exchange.
“The company last week defaulted on a convertible note payment, and told the exchange it has been unable to reach an agreement with its foreign creditors,” Mr Greenwood said.
“CIFI’s shares are down more than 90 per cent this year – the latest in a string of Chinese developers in financial difficulty, despite the government stepping in with support for selected businesses.”
