Chinese property stocks plunged for a third day, heading for the lowest level since early 2017, after a deal between units of Shimao Group Holdings Ltd. heightened governance concerns in an industry already grappling with a liquidity squeeze.
Shares of Shimao Group and its property-services unit were among the biggest losers in Hong Kong trading on Tuesday as a Bloomberg index of property stocks sank 4.1%. JPMorgan Chase & Co. analysts said a connected-party acquisition announced by the developer late Monday “not only implies tight liquidity conditions for Shimao, but is also a corporate governance red flag.”
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