SHANGHAI, Feb 14 (Reuters) - Trading in three Zhenro Properties Shanghai exchange-traded bonds will be limited to institutional investors from Tuesday, the company said on Monday.
The Shanghai-based company, China's No. 30 property developer (6158.HK) by sales, also said in a statement to the Hong Kong Stock Exchange that "certain articles that have been published on the internet" about its offshore debt and controlling shareholder are "untrue and fictitious".
The yuan bond closed down roughly 10% on Monday, while the two other bonds , were not traded.
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Zhenro will "continue to closely monitor events significantly weighing on bondholders' interests", it said in a separate statement issued via the Shanghai Stock Exchange.
Shares and bonds of Zhenro fell heavily on Friday before the yuan bond was temporarily suspended from trading. read more
Shares in Zhenro Properties (6158.HK) and its property services unit (6958.HK) each ended more than 13% lower on Monday.
The developer said that the operations of the Group remain normal, and that the Group continues to carry on its business as usual.
Rating agency Moody's Investors Service said on Monday that it had cut Zhenro's rating and lowered its rating outlook to negative from stable, citing heightened refinancing and default risks.
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Reporting by Jason Xue and Andrew Galbraith; Editing by Susan Fenton and Michael Urquhart
Our Standards: The Thomson Reuters Trust Principles.
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February 14, 2022 at 05:11PM
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Zhenro Properties to limit trading of Shanghai exchange-traded bonds - Reuters
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