China Evergrande's Shenzhen-traded 5.9 per cent May 2023 bond fell more than 20 per cent in afternoon trade yesterday, extending falls since a ratings downgrade made the company's bonds ineligible for use as collateral in repo transactions.
A Shenzhen-traded 6.98 per cent January 2023 bond fell more than 15 per cent and the company's Shanghai-traded 6.98 per cent July 2022 bond fell more than 9 per cent.
Sea's Shopee is preparing to launch in Poland and is recruiting sellers, two company sources with knowledge of the matter told Reuters.
The move will be the first expansion into European e-commerce for the Singapore-based technology group, which has a market value of US$190 billion (S$255 billion) and whose gaming arm Garena is already active in the region.
Shopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.
Hongkong Land Holdings rose 12.62 per cent to close at US$4.73 yesterday, after the property group said it intends to invest up to US$500 million (S$672 million) to buy back its shares in a programme extending until Dec 31 next year. The share buyback is to reduce the company's capital.
The company, part of the Jardine Matheson Group, owns and manages office and luxury retail properties in Hong Kong, Singapore, Beijing and Jakarta. It had narrowed its net loss to US$863.2 million for the half-year ended June 30, from US$1.8 billion a year ago.
THE BUSINESS TIMES