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Key News
Asian equities were mixed overnight on light volumes and little market-moving news as Mainland China underperformed.
Country Garden Holdings, a developer focused on lower tier cities, was the most traded stock in Hong Kong overnight and declined nearly -8%. The developer’s pre-sales have been underperforming in recent months, likely following a bounce on relaxed down payment requirements in certain regions. Lower tier cities As a result, the developer is facing serious liquidity issues going into the second half. Nonetheless, our expert contacts believe that a restructuring is in order, which should receive government support. Meanwhile, Greenland Holdings, another developer, recently defaulted again on its already-restructured bonds.
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