By Jiahui Huang
Shares of Chinese property developer Sunac China tumbled after the company received a winding up petition as the country continues to struggle with its property sector downturn.
Shares fell 24% to 1.33 Hong Kong dollars, or equivalent of 17 U.S. cents, on Friday's afternoon trading.
The losses came after the company issued a statement midday Friday that it had received a winding-up petition issued by China Cinda Asset Management in a Hong Kong court. The hearing is scheduled for March 19, the statement added.
Beijing-based Sunac's shares have lost 43% this year and 2.2% over the past 12 months amid ongoing concerns about its heavy debt and a slowdown in the sector.
China is in the midst of a protracted slump in the property sector, historically a major driver of the country's economic growth. The sector has recovered a little after supportive efforts by Beijing in late September last year, but some property developers still hold massive amounts of debt.
Property giant China Evergrande was ordered to liquidate earlier this year in the face of mounting operational and debt stresses, a process that was started by overseas creditors. A number of other companies are awaiting outcomes of liquidation petitions.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
January 10, 2025 00:31 ET (05:31 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。