China's KE leads slide in property-related stocks as new home prices fall

Agile group

15/03/2024 02:48

** Shares of China's housing transactions and leasing
service provider KE Holdings  2423.HK  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
 0960.HK , China Vanke  2202.HK , Gemdale Properties  0535.HK ,
CIFI  0884.HK , Sunac  1918.HK , Country Garden  2007.HK  and
Agile  3383.HK  down between 1.4% and 3.7% 
    ** In China, the blue-chip CSI 300 Index  .CSI300  slips
0.6% and CSI 300 Real Estate Index  .CSI000952  eases 1%
    ** In Hong Kong, Hang Seng Mainland Properties Index
 .HSMPI  drops 2.7%, index tracking properties and construction
stocks  .HSCIPC  falls 1.5%, and Hang Seng Index  .HSI  down
1.8%



 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))