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Greentown suffers from rumors

11-07-2011 15:17 BJT

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Shares trading on both the Mainland and Hong Kong markets are particularly sensitive to policy cues and rumors...none more so than property shares. Greentown shares have taken a hit in recent years, and the group-purchase rescue by Jack Ma's Alibaba couldn't come soon enough.

As one of the leading property developers in China, Greentown plays a critical role in the industry. The company has been leveraging from its extensive property developments since 2005.

But on the back of government regulations on the property market last year, sales declined. On September 22nd this year, China Banking Regulatory Commission began an investigation of the company's trust financing.

That triggered Greentown stocks to plunge around 16 percent on the Hong Kong stock exchange. According to its half-year report, the company's debt-to-net-worth ratio was 163 percent, topping all listed Chinese real estate developers.

Meanwhile, Song Weiping, founder and chairman of Greentown, is in damage control. He vehemently denied rumours that his company is on the verge of bankruptcy.

 

 

Editor:Zhang Rui |Source: CNTV.CN

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