Shares in Jiayuan International, a Chinese property developer, collapsed in late trading in Hong Kong on Thursday, underlining investors’ unease over a sector that is staggering under vast debts just as the world’s second-biggest economy slows.
Analysts said that the stock, which closed down 81 per cent after a chaotic day’s trading that wiped more than $3bn from its market capitalisation, was engulfed by concern that Jiayuan would struggle to repay a $350m bond that was due this week.
The panic over Jiayuan appeared to ensnare rival property company Sunshine 100 China Holdings, whose shares plunged 65 per cent. The companies share a director, according to Jiayuan’s website.
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