Oct. 1 (Bloomberg) -- Sistema-Hals, the property company of billionaire Vladimir Yevtushenkov, lost half of its value in London trading on concern real-estate companies may run out of funds to finance projects amid falling property prices in Russia.
Sistema-Hals global depositary receipts fell to 50 cents from $1 yesterday in London at of 12:40 p.m. U.K. time, the lowest since the GDRs began trading in November 2006.
Fitch Ratings in a conference call today said Russian developers must slow their growth or sell stakes because of liquidity problems.
Moscow's decade-long building boom is falling victim to the global credit crunch as record high interest rates squeeze developers in the world's third-most expensive property market.
