China developer Yuzhou’s woes deepen after profit warning ...Qatar

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China developer Yuzhou’s woes deepen after profit warning
Concerns about Yuzhou Group Holdings Co’s financial health are intensifying, after a profit warning from the Chinese property developer sent its bonds and shares tumbling this week. The company’s Hong Kong-listed shares slumped a record 23%. It warned on Sunday that last year’s earnings likely dropped “significantly,” and then said on Thursday that it was barely profitable in 2020. Its dollar bonds have also fallen sharply, with an 7.85% note due 2026 plunging 31 cents on the dollar to 74.6 cents and poised for a record closing low, according to prices compiled by Bloomberg. Moody’s Investors Service’s decision Tuesday to cut the midsized developer’s credit rating further weakened investor

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