China property firms jump after big developers show smaller sales drop By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 02 2024
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Source: Investing.com
- Hong Kong-listed Chinese property companies: Shares surged after data showed narrowing yearly sales declines for major Chinese property developers in June.
- Market response: Hang Seng Mainland Properties Index rose 3.5% by noon, with individual companies like Longfor Group and Shimao Group surging more than 5%.
- Government support measures: Market closely watching impact of government support package launched in mid-May to stabilize the ailing property sector.
- Sales performance: Sales value at China's top 100 real estate developers in June rose 36.3% from May, with a narrower 16.7% drop from a year ago.
- Outlook and predictions: Research firms expect more home purchases post-support measures, anticipating a continued narrowing of yearly drops in July due to a low base last year.
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.
