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MARKETWATCH reports:
The Hang Seng Mainland Properties Index lost 6.4% on Monday to trade at an eight-month low amid renewed investor concerns over China’s beleaguered real estate sector.
The latest slide came despite news over the weekend that Dalian Wanda , the heavily-indebted conglomerate with significant real estate exposure, had managed to make a $400 million bond repayment that was due Sunday after raising $320 million through the partial sale of a subsidiary.
The last-ditch nature of the deal and repayment rattled investors already on edge following the default of property giant Evergrande and others in the sector in late 2021.
And a downgrade of Country Garden 2007, -8.70%, China’s biggest homebuilder, from neutral to underweight by property analysts at JPMorgan, added to the angst. The U.S. bank said sales have weakened across the sector since the second quarter of 2023 and “liquidity concerns…have been reignited.”
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