Struggling property developer Country Garden's shares hit record low after suspending bond trading amid a severe cash crunch
China's property sector has been dealt with another blow as shares in one of its largest developers hit an all-time low Monday morning, after it suspended trading in almost a dozen local bonds.
Shares in the troubled builder fell 18% on the Hong Kong Stock Exchange in Monday's trading, as the 30-day grace period on its two unpaid coupons draws ever-closer. It closed at $0.80 HKD, down from $0.98 at opening bell. As the firm edges towards a potential default, the chances of restructuring increase, with investment bank CICC International Capital Corp.
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