ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Markets

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more