Chinese real estate stocks slide amid renewed fears in mixed Asia trading day

SINGAPORE — Shares in Asia-Pacific were mixed on Tuesday, as Hong Kong-listed shares of Chinese real estate firms fell amid renewed fears

By the market close in Hong Kong, China Evergrande Group’s stock fell 2.9% while China Vanke tanked by 4%, while Sunac China Holdings plunged 9.6%. The Hang Seng Properties index declined 0.99% to 30,203.36. The broader Hang Seng index in Hong Kong erased earlier gains and fell 0.22% to 25,099.67

On Monday, Moody’s downgraded developer Yango Group, warning the Chinese firm “may not be able to mobilize all of its cash holdings to repay its maturing debts

That came after Yango announced an offer to swap some U.S. dollar bonds for new notes personally guaranteed by its founder and chairman as part of efforts to “avoid imminent payment defaults.” Mainland-listed shares of Yango Group plunged nearly 7% on Tuesday

Mainland Chinese stocks closed lower as the Shanghai composite slipped 1.1% to 3,505.63 while the Shenzhen component declined 0.686% to about 14,377.27