Stocks linked to China’s Anbang International are tumbling after a respected magazine published a detailed report examining the company’s murky structure.
A handful of real estate developers fell in Tuesday’s morning session — Gemdale tumbled 3.8 per cent, Financial Street Holdings dropped 3.5 per cent, China Vanke lost 1.8 per cent. Pharmaceutical company Dong-E-E-Jiao was down 3 per cent and retailer Chang Chun Eurasia fell 1.6 per cent during that period. China Railway, however, bucked the trend with a 1 per cent rise.
Anbang is a private firm, but its various arms are among the top 10 shareholders of a number of companies, owning anywhere from 3 per cent to 15 per cent, according to Reuters data.