Gemdale Stocks and Bonds Plunge on Chairman Resignation and Debt Worries

Stocks and bonds of Chinese developer Gemdale plunged after the company's chairman resigned due to health reasons.

Investors worried the resignation signaled broader debt problems in China's real estate sector.

Gemdale's stock dropped 10% and its bonds also tumbled 20-25% before being suspended.

Moody's downgraded Gemdale's credit rating and changed outlook to negative, citing weakening finances.

Gemdale ranked as China's 8th largest developer in 2021 with $30 billion in sales, but now faces refinancing risks.