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China developer Logan Group plunges 51% after share trading restart

Debt-saddled company has warned over first-half loss, stock suspended since May

China's property market has taken a beating as sales dropped amid repeated COVID-19 lockdowns while developers were hit by a wave of debt defaults.   © Reuters

HONG KONG -- Embattled Chinese property developer Logan Group's shares lost over half their value in Hong Kong Wednesday as the stock resumed trading after a three-month halt.

The nose-dive followed Logan's earlier warning that its 2021 profit dropped by nearly 23% to 10.3 billion yuan ($1.5 billion) and that it was on track for a net loss of up to 800 million yuan in the first half of this year, owing to pandemic-driven construction delays and a downturn in the property market.

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