China is set to remove Chinese real estate firm Country Garden Holdings from Hong Kong's Hang Seng Index on September 4.
The decision follows the recent quarterly review of the index, where Country Garden will be replaced by pharmaceutical company Sinopharm. Property management company and its subsidiary, Country Garden Services, will also be removed from the Hang Seng China Enterprises index and replaced by online travel agency Trip.com. This comes after the latest blow to the Chinese real estate sector, following news that real estate developer Evergrande filed for bankruptcy protection in the United States, which the company later denied.
Source (Al-Arabiya.net Website, Edited)
