Property Stocks Drop; Kaisa Has Yet to Pay: Evergrande Update
- Bond market rebounds as steps come at cost to shareholders
- China economy stabilizes in October, offsetting property slump
One of Sunac China Holdings’s construction sites in Beijing.
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Chinese property developers are putting their own shares under pressure as they look to raise cash to pay debt and ride out a historic funding squeeze.
Shares of Sunac China Holdings Ltd. declined almost 12% after the company raised about $953 million through the sale of new stock and a stake in its property-management unit. China Aoyuan Group Ltd. tumbled more than 11% after it said it would sell Hong Kong properties at a loss. Other developers also retreated.