Thursday saw a wave of announcements by companies on the Hong Kong Stock Exchange as in particular property developers and banks react to the Country Garden Holdings Limited (OTC: CTRYF) default on a $15 million interest payment Wednesday.
Sino-Ocean plans to seek creditors’ approval to extend interest payment on an onshore bond due October 19, but it would pay interest on an offshore bond due October 26.
Stocks in Hong Kong and China closed the week out lower Friday as weak consumer sentiment and property market jitters resurfaced. The Hang Seng Index ended a three-day winning streak to end down 2.2% at 17,813.45 while China’s CSI 300 Index closed 1.1% lower at 3,663.41.