China Gas Holdings Ltd. shares fell by the most in a decade after Citigroup Inc. reported six-month earnings that were a big miss due to China's housing market slowdown.
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The company's stock fell by as much as 17% in Hong Kong, the steepest since August 2011 after announcing its net income for the six months ending September fell 19% year on year.
The half-year earnings of the gas distributor represented only about a third of the Bloomberg consensus estimates for the full reporting year, according to analysts including Pierre Lau. They blamed the disappointing performance on few household connections because of China's weakened property market and delayed government payments in rural areas.
They said that China Gas has more city gas projects in relatively small cities in terms of population and project, which is more susceptible to property market downside risk than those focused on big cities.
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