China real estate shares, bonds hit by Evergrande concerns – Reuters

evergrande, china, group, real, estate,
Middle East

China real estate shares, bonds hit by Evergrande concerns – Reuters

SHANGHAI, Oct 14 (Reuters) – Shares and bonds of Chinese real estate companies slid on Thursday, reflecting uncertainty about how a debt crisis will play out at China Evergrande Group (3333.HK) and the wider property sector as another developer was hit by a rating downgrade.

Evergrande, which has more than $300 billion in liabilities and 1,300 real estate projects in over 280 cities, missed a third round of interest payments on its international bonds this week.

The world’s most indebted developer, which has been trying to sell assets to raise funds, appeared to have made small progress towards that goal when Qumei Home Furnishings Group (603818.SS) announced in a filing on Thursday that it will buy out Evergrande group’s 40% stake in their furnishings joint venture for 72 million yuan ($11.18 million).

Tuesday Sector Leaders: Oil & Gas Exploration & Production, Metals & Mining Stocks

UAE adopts its largest legislative reform in its history via 40 new laws and changes

Goldman Sachs says these 6 energy stocks still have plenty of room to run

Sheikh Mohammed approves housing projects worth Dhs3.8 billion in Dubai