Agile Property in talks with banks to extend loan
Chinese developer's shares fall as much as 31% after trading resumes; will consider other funding options
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Hong Kong
CHINESE developer Agile Property Holdings Ltd, battling an industry slowdown and media speculation about ties to China's former security chief, said that it was in talks with banks about extending what remains of a US$475 million loan due in December.
Shares in the company, which is valued at around US$2.1 billion, dropped by as much as 31 per cent, the most on record, to HK$3.30 on Monday as they resumed trading after a week's halt. The company last week scrapped a proposed US$360 million rights issue - which would have gone towards repaying the loan - and said that its billionaire founder and chairman Chen Zhou Lin had been detained.
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