CIFI Holdings says it is seeking solutions after news of missed payment

CIFI Holdings says it is seeking solutions after news of missed payment

Chinese real estate developer CIFI Holdings (Group) (0884.HK) 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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