REUTERS/Thomas Peter/File Photo Acquire Licensing RightsHONG KONG/SHANGHAI, Oct 17 (Reuters) - China's Gemdale (600383.SS) saw its stocks and bonds plunge on Tuesday after the resignation of its chairman, as investors took no chances amid the debt crisis in the key real estate sector.
However, investors concerned about the broader debt problems in China's property sector sold off the stock, which dropped by the daily 10% limit in afternoon trading in Shanghai.
Gemdale has a total debt of 21.1 billion yuan ($2.88 billion) in the form of bonds due by the end of 2024, according to LSEG data.
It ranked as China's 8th largest developer last year, according to private research firm China Real Estate Information Corp.
It had sales of 221.8 billion yuan ($30.3 billion) last year and its financial fundamentals were stable, the company said in its annual report published in April.
Persons:
Thomas Peter, Ling Ke, Gemdale, Huang Juncan, Ting Meng, Xie Yu, Li Gu, Edwina Gibbs, Miral
Organizations:
REUTERS, ANZ Bank China, Estate Information Corp, Thomson
Locations:
Beijing, China, HONG KONG, SHANGHAI, Shanghai, Hong Kong