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

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

[html]SHANGHAI (Reuters) – Chinese real estate developer CIFI Holdings (Group) said the co*pany is in active co*munication with financial institutions and seeking…
                              

SHANGHAI (Reuters) –     Chinese real estate developer CIFI Holdings (Group) said the co*pany is in active co*munication 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.



(Reporting by Shanghai Newsroom; Editing by Himani Sarkar)


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