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China debt crunch

Chinese developer Zhenro's stock crashes 81% on debt worries

Asia-Pacific's fourth-largest junk bond issuer met with a sudden sell-off

 A construction site of residential apartment blocks in Beijing.   © Reuters

HONG KONG -- The Hong Kong-listed shares of midsize mainland Chinese developer Zhenro Properties Group plunged over 80% at their lowest Friday as concerns grew over the company's heavy debt load.

The Shanghai-based house builder was the fourth-largest issuer of junk bonds across the Asia-Pacific region in 2021, according to Moody's Investors Service. It issued over $1 billion, trailing only peers Kaisa Group Holdings and Sunac China Holdings as well as Studio City Finance, a unit of a Macao casino operator.

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