Home Stock & Shares Stocks linked to Anbang fall after report on company’s murky structure

Stocks linked to Anbang fall after report on company’s murky structure

by Jonathan Adams

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.

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