Sep 29, 2022 07:30 PM

BUSINESS

Investors Dump Developer CIFI’s Stock on News of Missed Financial Payment

By Niu Mujiangqu and Guo Yingzhe

What’s new: Chinese property developer CIFI Holdings (Group) Co. Ltd. saw its Hong Kong stock plummet 16.3% to HK$0.72 (9 U.S. cents) apiece on Thursday, extending double-digit losses the day before, even after the firm announced it was resolving a missed payment to a trust fund and had paid interest on an offshore bond.

News broke Wednesday that the company had problems with an equity investment trust product, which sent its share price tumbling 32.3% through to the close.

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