China's Gemdale sees stocks and bonds dive, latest firm affected by property crisis fears

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HONG 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.

Ling Ke, 64, had resigned due to health reasons, Shanghai-listed Gemdale announced on Monday evening, adding that he would be replaced by company president Huang Juncan.Chinese media outlet Yicai on Tuesday quoted a separate company statement as saying that Ling's resignation was a normal transfer of management responsibilities and would not have a big impact on the firm's operations.

The company's shares slid 9 per cent in the morning. Shares in mainland-listed Chinese companies are not suspended from trade until a move exceeds 10 per cent. "Investors are worried about Gemdale's financial condition as the resignation of its chairman was a surprise," she said.

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