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Buildings developed by Country Garden in China’s eastern Anhui province.
Photo by STR/AFP via Getty Images
Country Garden Holdings
will be removed from the Hong Kong-based
Hang Seng Index,
after the Chinese property developer said it expected to post a steep loss and missed payments on its bonds.
The operator of Hang Seng Indexes said Friday that the company would be removed effective Sept. 4.
Country Garden Services Holdings
(ticker: 6098. Hong Kong) also will be removed from the
Hang Seng China Enterprises Index.
The private property developer has seen shares sink sharply over the last several weeks. Country Garden (2007.Hong Kong) missed interest payments on its dollar bonds last week and warned that it expected to post its worst loss since going public 16 years ago.
The company also suspended trading of its corporate bonds on the Shanghai Stock Exchange earlier this week.
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