Chinese property developer Sunac China Holdings Ltd's shares fell 45% on Thursday morning after resuming trade following a suspension of more than a year as it looks to restructure its debt after a default.
An advertisement of property developer Sunac China Holdings is seen at a residential complex in Shanghai, China March 25, 2018. Picture taken March 25, 2018. REUTERS/Stringershares fell 45% on Thursday morning after resuming trade following a suspension of more than a year as it looks to restructure its debt after a default.
"The stock was catching up with the decline in the property sector during the year of suspension," said Steven Leung, a sales director at UOB Kay Hian. Sunac is among many Chinese developers that defaulted last year as the property sector reeled under a debt crisis.
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