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

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Man and a child walk by a construction site under property developer CIFI Holdings in Wuhan

SHANGHAI (Reuters) – Chinese real estate developer CIFI Holdings (Group) 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.

(Reporting by Shanghai Newsroom; Editing by Himani Sarkar)

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