China's GOME Retail tanks on plans to buy controlling shareholder's two properties

GOME Retail Holdings

22/08/2022 03:11

** Shares of China's home appliances retail chain operator
GOME Retail Holdings Ltd  0493.HK  drop as much as 12.1% to
HK$0.255 in resumed trade, the lowest since debut in April 1992
    ** Stock, which suspended on July 21, set for the biggest
daily pct decline since June 28
    ** Beijing-based company says it has agreed to buy two
shopping properties from its controlling shareholder Wong
Kwong-Yu owned GOME Property Holdings at a price yet to be fixed
as the company plans to optimize its asset structure to improve
profitability  urn:newsml:reuters.com:*:nFWN2ZV3HJ 
    ** The assets comprise shopping complex GOME Commercial
Capital in Beijing and No. 9 Xiangjiang, which is a shopping
mall in Changsha City in Hunan Province
    ** GOME Retail says it aims to settle part or whole of the
purchase by way of issue of new company shares to GOME Property 
    ** The Hang Seng Commerce & Industry Index  .HSNC  eases
0.7%, and the Hang Seng consumer goods and services index
 .HSCGSI  slips 0.5%
    ** The Hang Seng Composite Index  .HSCI  declines 0.8% and 
the benchmark Hang Seng Index  .HSI  falls 0.9%
    ** As of last close, the stock had fallen 56.1% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))