Country Garden shares plunge to new low
Shares of China's Country Garden plunged more than 12 percent on Monday morning after the real estate company suspended trading in 11 of its onshore bonds from Monday. The stock hit a new low of HK$0.86, following reports on Friday the company was heading for a debt restructuring that added to concerns about the deteriorating outlook in the property sector. Markets are jittery as more developers default on bond payments amid no signs of stronger support measures from Beijing. Country Garden last week missed payments of two dollar bond coupons due on August 6 totalling US$22.5 million, confirming market fears that the developer was slipping into repayment troubles. In separate filings during the weekend, the firm said the resumption of trading of its onshore bonds would be determined at a later date. (Reuters)