China property firms jump after big developers show smaller sales drop
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 02 2024
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Source: reuters
- Hong Kong-listed Chinese property companies: Shares surged after private data showed narrowing yearly sales declines for major Chinese property developers in June.
- Market reaction: The Hang Seng Mainland Properties Index rose 3.5%, with individual companies like Longfor Group, Shimao Group, and Agile seeing significant surges.
- Government support measures: Investors are closely monitoring the impact of a major government package launched in mid-May to stabilize the country's property sector.
- Sales performance: Sales value at China's top 100 real estate developers in June rose 36.3% from May but dropped 16.7% from a year ago, indicating improvement from the previous month.
- Outlook and analysis: Research firms expect more home purchases following supportive measures, anticipating a continued narrowing of yearly sales declines and a slight increase in average new home prices.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
