Chinese property shares tumble as Country Garden hits record low

HONG KONG -- Chinese property shares fell on Monday as distressed developer Country Garden Holdings hit a record low after suspending trading in some of its onshore bonds.

Country Garden slid 18.4% to 0.80 Hong Kong dollars on Monday after announcing during the weekend that trading would be suspended on 11 onshore bonds with a face value of about 16 billion yuan ($2.23 billion). The Guangdong-based developer missed coupon payments last week on two U.S. dollar-denominated bonds.