Share Tumbles on Developers New Plans

Share tumbles on developers' new plans to raise capital. Hong Kong stocks tumbled on Friday as developers started a new wave of capital raising plans.

Stock price of Hong Kong-listed China property developer Sunac posted its biggest decline in more than 27 months on a plan to raise funds, the company said it priced its 251.5 million share placement at the low end of a marketed range. It expects to raise nearly USD 1 billion. Developer CIFI issued new bonds. IPO wave continues.