Reported 6 months ago
China's property stocks are nearing a technical bear market due to doubts about Beijing's efforts to support the sector. The Bloomberg Intelligence gauge of Chinese developer shares fell 3.2% on Thursday, extending losses from mid-May to about 20%. Sunac China Holdings Ltd. dropped 11%, while Shimao Group Holdings Ltd. slumped 8.3%. Investor skepticism surrounds a support package unveiled by the government on May 17, with concerns about its effectiveness in boosting demand and addressing housing inventory issues. Fitch Ratings Inc. has revised down its 2024 new home sales value estimates by 15% to 20% due to weaker sales trends and pressure on new home prices.
Source: YAHOO