Confidence is far from returning in the Chinese real estate sector.
Sunac Group, one of China's top developers, lost more than half its value on Thursday, in a 59% plunge in Hong Kong.
This day was however supposed to mark the return to the stock market of the Chinese giant after a suspension of trading for almost a year.
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Sunac found itself in default of payment in May 2022 when it failed to repay 28 million euros in loan interest.
In the aftermath, for lack of being able to publish its results, Sunac was suspended on the stock market.
The group had recorded a net loss of 25.3 billion yuan (3.3 billion euros) in 2021. Its provisional results for the first half of 2022, long awaited and finally published last month, show a loss 11.1 billion yuan (1.5 billion euros).
Sun Hongbin, founder and chairman of Sunac, said in late March that he was working with asset managers and had applied for official funding…
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