Evergrande effect: Chinese property developer Sinic shares tank 87%, trading halted

Sinic shares, Sinic share price, Sinic holdings stock, hong kong stock market, hong kong shares, Evergrande, Evergrande shares, Evergrande news

NEW DELHI: Trading was halted in shares of Chinese realtor Sinic Holdings on Monday after its shares crashed 87 per cent in Hong Kong. This is on a day when shares of China’s second biggest realtor Evergrande plunged 11 per cent on the same exchange, as investors feared defaults in the Chinese real estate sector.

Shares of Sinic holdings fell 87 per cent to hit a low of 0.50 Hong Kong cents. Sinic Holdings is an investment holding company, which along with its subsidiaries, is principally engaged in property development and property leasing, according to Reuters.

As of June 30, the group’s cash and bank balances amounted to 19,349.5 million yuan. Excluding other restricted cash and pledged deposits, cash and cash equivalents amounted to 14,037.0 million yuan.

Besides, the group’s net gearing ratio was 50.5 per cent, above the average level in the industry. “The cash short-term debt ratio improved to approximately 1.4 times, the assets to liabilities ratio after excluding receipts is around 73.5 per cent. The group’s weighted average cost of indebtedness as at the end of the period decreased to 8.7 per cent,” Sinic said in a recent release.

Sinic Holdings (Group) Company calls itself a large-scale and comprehensive property developer in the PRC, focusing on the development of residential and commercial properties.

The company develops projects in China’s Jiangxi province. It has expanded its property development business to the Yangtze River Delta Region, the Greater Bay Region and the Central and Western China core cities and other regions with high-growth potential.

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