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July 19, 2024
PI Global Investments

China’s KE leads slide in property-related stocks as new home prices fall — TradingView News

** Shares of China’s housing transactions and leasing service provider KE Holdings 2423 lead slide in mainland property related stocks, falling 4.5% to 36.25 yuan and on track for the biggest one-day pct decline since Jan 22

** KE is the biggest pct loser in Hang Seng Composite Index on properties and construction stocks (.HSCIPC)

** China’s new home prices dropped for an eighth straight month in February, official data showed on Friday, despite a slew of measures to shore up the fragile property sector

** New home prices fell 0.3% month-on-month, in line with January’s decline. On a year-on-year basis, prices fell 1.4%, faster than the 0.7% drop in January and the biggest decline in 13 months

** Shares of property developers fall with Longfor 960, China Vanke 000002, Gemdale Properties 5535, CIFI 8884, Sunac 1918, Country Garden 2007 and Agile 3383 down between 1.4% and 3.7%

** In China, the blue-chip CSI 300 Index 3399300 slips 0.6% and CSI 300 Real Estate Index 000952 eases 1%

** In Hong Kong, Hang Seng Mainland Properties Index HHSMPI drops 2.7%, index tracking properties and construction stocks (.HSCIPC) falls 1.5%, and Hang Seng Index HSI down 1.8%

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