(Bloomberg) -- Sinic Holdings Group Co. has halted trading after an 87% slump in its shares Monday afternoon. 

The Shanghai-based developer didn’t give any reason for the trading halt in Hong Kong. The sudden selloff in the last two hours leading up to the suspension was accompanied by a surge in trading volume that was about 14 times its average in the past year, according to Bloomberg-compiled data. 

The company has a 9.5% $246 million bond due on Oct. 18 and Fitch Ratings revised its outlook to negative last week.    

The move comes as Hong Kong’s property gauge dropped the most since May 2020 amid growing investor angst about China’s real estate crackdown and worries that Beijing may tighten grip on the city’s property sector in its “Common Prosperity” campaign. 

©2021 Bloomberg L.P.