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China property stocks tumble on renewed debt fears

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Liquidity remains a concern for embattled Chinese property developers, which are struggling to emerge from a debt crackdown that started two years ago.

Country Garden is seen as one of the largest property developers in the mainland. A move last week to refinance part of a 2019 loan facility failed to assure investors of its ability to service its debt,JP Morgan's analysts slashed target prices for Country Garden by more than 60% to HK$0.90 and Country Garden Services by nearly 70% to HK$6.70.

Monday's slide for the Chinese property sector comes after heavy losses last week following weak property-related data and property giant Evergrande's overdue earnings report that showed the full extent of its default.from a credit crisis after the government cracked down on its debt levels in August 2020.

Weakness in China's real estate sector could be a drag on the economy for years to come and could even impact countries in the wider region, Wall Street banks

 

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