Country Garden Dropped from Hang Seng Index
By Ben Glickman
Country Garden Holdings will be removed from the Hong Kong-based Hang Seng Index, after the Chinese property developer said it expected to post a steep loss and missed payments on its bonds.
The operator of Hang Seng Indexes said Friday that the company would be removed effective Sept. 4. Country Garden Services Holdings also will be removed from the Hang Seng China Enterprises Index.
The private property developer has seen shares sink sharply over the last several weeks. Country Garden missed interest payments on its dollar bonds last week and warned that it expected to post its worst loss since going public 16 years ago.
The company also suspended trading of its corporate bonds on the Shanghai Stock Exchange earlier this week.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
August 18, 2023 09:58 ET (13:58 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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