{"id":6932,"date":"2021-09-20T09:27:11","date_gmt":"2021-09-20T09:27:11","guid":{"rendered":"https:\/\/www.futuresandoptions.gr\/en\/?p=6932"},"modified":"2021-09-24T10:03:27","modified_gmt":"2021-09-24T10:03:27","slug":"sinic-chinese-real-estate-developer-slumps-87","status":"publish","type":"post","link":"https:\/\/www.futuresandoptions.gr\/en\/sinic-chinese-real-estate-developer-slumps-87\/","title":{"rendered":"Fitch downgraded Sinic &#8211; Chinese Real Estate Developer Slumps 87%"},"content":{"rendered":"\n<p>Fitch downgraded yesterday Sinic&#8217;s IDR to &#8216;CCC&#8217; on the lower likelihood of bond refinancing.  <\/p>\n\n\n\n<p>Fitch Sinic&#8217;s downgrade reflects the diminishing likelihood of Sinic refinancing its immediate maturity, a USD 246 million bond due on 18 October 2021<\/p>\n\n\n\n<p>Fitch does not believe that Sinic can reduce land acquisitions for a prolonged period due to its high-churn business model. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>9-20-2021<\/strong><\/p>\n\n\n\n<p>Sinic Holdings one of the biggest Chinese real estate developers slumped 87% at 0.50 and trading halted in Hong Kong as fears of  Evergrande contagion grow in the region. The stock hit the daily low at 0.37, on Friday Sinic stock closed at 3.85. <\/p>\n\n\n\n<p>Investors fear that Sinic will follow <a href=\"https:\/\/www.cnbc.com\/2021\/09\/20\/evergrande-debt-collapse-could-have-domino-effect-on-china-properties.html\">Evergrande<\/a> in a panic effect through the Chinese economy and around the globe. Evergrande is trading 15% lower in Hong Kong on fears that the company will fail to meet the financial obligations expiring this week.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft size-full\"><a href=\"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2021\/09\/sinic-2103.png\"><img loading=\"lazy\" decoding=\"async\" width=\"348\" height=\"145\" src=\"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2021\/09\/sinic-2103.png\" alt=\"\" class=\"wp-image-6934\" srcset=\"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2021\/09\/sinic-2103.png 348w, https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2021\/09\/sinic-2103-300x125.png 300w\" sizes=\"auto, (max-width: 348px) 100vw, 348px\" \/><\/a><\/figure><\/div>\n\n\n\n<p>Last Wednesday, Fitch Ratings cut the outlook on Sinic (2103) Long Term Issuer Default Rating to Negative from Stable with a &#8220;B+&#8221; rating. Sinic Holdings faces a 9.5% 246 million bond expiring on October 18. Reports indicate that the company is planning a pay cut up to 70% to its senior management staff.    <\/p>\n\n\n\n<p>Stocks around the globe are under heavy selling pressure, Hang Seng index ended 3.30% lower at 24099. In Australia, the ASX 200 had its worst trading session in the last seven months with a loss of over 2%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">European Stocks in Deep Red<\/h2>\n\n\n\n<p>European stock markets followed Asian indices as investors dump <a href=\"https:\/\/www.futuresandoptions.gr\/en\/category\/stocks-2\/\">stocks<\/a>. The DAX index as of writing is 2.12% lower at 15160 while the FTSE 100 in London is giving up 1.72% at 6857. In Wall Street, the futures are also lower. S&amp;P500 futures trading 1.04% lower at 4379 and the Nasdaq futures are 0.84% lower at 15183. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sinic Holdings one of the biggest Chinese real estate developers slumped 87% at 0.50 and trading halted in Hong Kong as fears of  Evergrande contagion grow in the region. The stock hit the daily low at 0.37, on Friday Sinic stock closed at 3.85. <\/p>\n","protected":false},"author":2,"featured_media":6933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[14,111,22],"tags":[1643,37,1642,20],"class_list":["post-6932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","category-stocks-2","category-wall-street","tag-evergrande","tag-futures","tag-sinic","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fitch downgraded Sinic - Chinese Real Estate Developer Slumps 87% - Futures and Options<\/title>\n<meta name=\"description\" content=\"Sinic Holdings one of the biggest Chinese real estate developers slumped 87% at 0.50 and trading halted in Hong Kong as fears of Evergrande\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.futuresandoptions.gr\/en\/sinic-chinese-real-estate-developer-slumps-87\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch downgraded Sinic - 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