Live news: Asian stocks down after Fed officials predict ‘mild’ recession this year

Shares in Sunac, one of China’s largest property developers, shed more than half of their value on Thursday morning as the stock resumed trading following a year-long halt.

Shares in the group, China’s 11th largest by sales, fell as much as 59.4 per cent. The company suspended trading in its shares after defaulting on liabilities last year. In March, it said it had reached a deal to restructure its debt.

China’s property sector has been battling a liquidity crisis over the past two years, with a number of companies defaulting on debt repayments and halting trading in their shares. Last month, Kaisa, a medium-sized Chinese developer, plunged more than 30 per cent the day it returned to public equity markets.