HK-listed Longfor leads slide in China's property firms on concern over fading demand

China Overseas Land & Investment

17/05/2023 08:50

** Shares of Longfor Group Holdings Ltd  0960.HK  lead slide
in Hong Kong-listed Chinese property developers, falling as much
as 8% to HK$18.44, their lowest since November 23
    ** Longfor shares extend losses for the second session;
biggest pct loser in Hang Seng Index  .HSI  and Hang Seng
Property Index  .HSNP   
    ** China's new home prices rose for the fourth straight
month in April but at a slower pace, heightening fears that
pent-up demand after the country's economic reopening is fading
    ** The slower pace of home price gains, along with bearish
data on Tuesday showing property investment and sales sharply
falling, are raising doubts about the strength of the recovery
in a sector crucial to the health of China's economy 
    ** Shares of China Overseas Land  0688.HK , China Resources
Land  1109.HK , Country Garden  2007.HK , Logan Group  3380.HK 
and Greentown China  3900.HK  fall between 3.2% and 4.8% 
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 4.7%
to 1,800.34, the lowest level since November 11
    ** The Hang Seng Property Index  .HSNP  drops 3.2% and the 
Hang Seng Index  .HSI  falls 2.2%


 (Reporting by Donny Kwok, Editing by Louise Heavens)
 ((donny.kwok@thomsonreuters.com))