Aug 24, 2022 05:19 PM

BUSINESS

Chinese Developer Plunges Most on Record After Stock Resumes Trading

A pedestrian walks along a promenade in front of the Hong Kong city skyline on Dec. 7. Photo: Bloomberg

A pedestrian walks along a promenade in front of the Hong Kong city skyline on Dec. 7. Photo: Bloomberg

(Bloomberg) — Chinese developer Logan Group Co. Ltd.’s shares plunged in Hong Kong after resuming trading, as full-year revenue missed estimates and the company weighs a restructuring to deal with its mounting debt.

The stock fell as much as 58% on Wednesday, the most since listing in 2013. The developer has lost more than four-fifths of its value as the nation’s real estate sector reels from Covid restrictions and a slowing economy.

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