Gemdale Plunges on Chairman’s Resignation and Debt Concerns

Gemdale Corp.’s shares and bonds plunged after the Chinese property developer’s chairman resigned, intensifying investor concerns about its financial sustainability in the face of more than 10 billion yuan ($1.37 billion) of maturing debt.

Chairman Ling Ke stepped down after 25 years, citing health issues, the Shanghai-traded company said Tuesday in a filing. The board accepted Ling’s resignation and named President Huang Juncan to assume his duties, the company said.