Bruce Cockburn: 50 years of music, spirituality and social justice | SaltWireHONG KONG/SHANGHAI - China's Gemdale saw its stocks and bonds plunge on Tuesday after the resignation of its chairman, becoming the latest major property developer to be caught up in anxiety over the crisis in the country's real estate sector.
Gemdale's onshore bonds maturing in 2024, 2025 and 2026 tumbled 25%, 21% and 20% respectively before they were suspended from trade. Investors were taking no chances given the broader debt problems in the sector, said Ting Meng, a credit analyst at ANZ Bank China.
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