Shares in Chinese developer Sunac tumbled yesterday as the market reacted to fears that the ambitious property developer had come under official scrutiny.
Sunac’s Hong Kong-traded shares fell as much as 13.5 per cent — erasing $1.1bn in equity value — following a report from the news site Jiemian that said the country’s banking regulators had ordered Chinese banks to review the developer’s credit risks.
Jiemian is a state-backed business website in Sichuan that has made a splash with a string of exclusive reports.
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