Chinese property developer Sunac China Holdings lost more than half its market value on Thursday after resuming trade following a suspension of more than a year, having released results and agreed a debt restructuring, reports Reuters. The share slump came a day after the company said in a statement to the Hong Kong stock exchange that it was to resume trading and was implementing a debt restructuring plan.
Shares fell nearly 60% to as low as HK$1.86, their lowest since January 2012 , and ended the day at HK$2.04, still down 55.5%—erasing HK$13.84 billion ($1.8 billion) from the group’s market value.
“The stock was catching up with the decline in the property sector during the year of suspension,” said Steven Leung, a sales director at UOB Kay Hian.