© Reuters. FILE PHOTO: A man and a child walk by a construction site under property developer CIFI Holdings in Wuhan, Hubei province, China February 4, 2016. Picture taken February 4, 2016. REUTERS/Stringer ATTENTION EDITORS – THIS IMAGE WAS PROVIDED BY A THIRD PAR
SHANGHAI (Reuters) – Chinese real estate developer CIFI Holdings (Group) said the company is in active communication with financial institutions and seeking solutions, in response to news of missed debt repayment.
Hong Kong-listed shares of CIFI tumbled more than 25% on Wednesday, and bonds also plunged, after credit intelligence provider Reorg reported that the Chinese developer missed payment of certain non-standard debt.
The Shanghai Stock Exchange said trading in a CIFI bond was suspended due to abnormal fluctuations.
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