2023-08-21 05:21:30
Stock news11:592023-08-21
The Hong Kong Stock Exchange will delist shares in Country Garden Holdings, China’s major real estate developer. Exit trading in the Hang Seng Index on Sept. 4.
The decision came following the Hong Kong Stock Exchange conducted its latest quarterly review, saying it had decided to take Sinopharm shares. which is a large pharmaceutical company into trading in the Hang Seng Index instead of Country Garden shares
In addition, shares of Country Garden Company and its affiliates It will also be removed from the Hang Seng China Enterprises Index (HSCEI). and will be replaced by shares of Trip.com, an online travel service provider.
The HSCEI Index reflects the performance of Chinese companies listed on the Hong Kong Stock Exchange.
The latest move reflects that China’s real estate market is facing a crisis. After the China company Chinese real estate giant Evergrande Group filed its complaint in the U.S. District Court of New York on Aug. 17. to seek receivership under section 15 of the bankruptcy law Evergrande suffered a debt default two years ago, which led to widespread China’s real estate debt crisis.
Country Garden’s shares have plummeted more than 70% this year following the company defaulted on bond payments, cut earnings expectations. and suspended trading of 11 domestic debentures
By InfoQuest News Agency (21 Aug. 23)
Tags: Country Garden Holdings, Country Garden Holdings, Hong Kong Stock Exchange, Hong Kong Stock Exchange
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