China Resources Land leads slide among developers as new home prices fall

China Overseas Land & Investment

16/09/2024 04:12

** Shares of China Resources Land  1109.HK  lead slide in
Hong Kong-listed Chinese property developers, falling 5% to
HK$18.62, lowest since January 2017
    ** Stock on track to snap a three-sessions rally; second
biggest loser in Hang Seng Mainland Properties Index  .HSMPI 
and Hang Seng Index  .HSI , which are down 3.8% and 0.7%,
respectively 
    ** China's new home prices fell 5.3% from a year earlier in
August at the fastest pace in more than nine years, official
data showed on Saturday, as supportive measures failed to spur a
meaningful recovery in the property sector
    ** Stock of rivals Yuexiu Property  01213.HK  down 3.4% and
China Overseas Land  0688.HK  decline 3.1%
    ** Shares of smaller rival Sino-Ocean Group  3377.HK  drop
12% to HK$0.146, their all-time low since debut in September
2007, after it posted Jan-Aug contracted sales of 22.18 bln yuan
($3.13 bln) as compared to 40.12 bln yuan for Jan-Aug last year 
  

($1 = 7.0930 Chinese yuan renminbi)

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