(Bloomberg) — China’s property stocks are on track to enter a technical bear market as doubts remain on Beijing’s efforts to bolster the sector.
A Bloomberg Intelligence gauge of Chinese developer shares dropped as much as 2.6% on Thursday, extending losses from a mid-May high to about 20%.
Real estate stocks have retreated amid skepticism over a broad support package unveiled by the central government on May 17. While investors initially cheered the policies, which include lower down-payment requirements for homebuyers, they have since questioned how useful the measures will be in reviving demand and addressing a housing inventory glut.
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