Chinese developer Country Garden drops on weak January sales, rivals fall

KWG group

06/02/2023 05:26

** Shares of Chinese property developer Country Garden
Holdings Co Ltd  2007.HK  fall as much as 4.3% to HK$2.68, their
lowest since Jan. 19 and on track for a third straight session
of decline
    ** Stock third biggest pct loser in the Hang Seng Property
Index  .HSNP 
    ** Country Garden says January contracted sales amounted to
22.01 bln yuan ($3.25 bln), down 39.5% from 36.36 bln yuan in
January 2022 
    ** China Vanke's  2202.HK  Hong Kong shares drop 4.8% to
HK$14.92, lowest since Nov. 28, after the Chinese developer
posts a 19.6% decline in January contracted sales at 28.63 bln
yuan   
    ** In January, China home sales by floor area fell about 20%
from a year earlier, extending declines from December, as many
home buyers hugged the sidelines even though visits to view
housing projects in several key cities increased, according to a
China Index Academy report 
    ** Longfor  0960.HK , CIFI  0884.HK , KWG  1813.HK , Hopson
 0754.HK  and Agile  3383.HK  fall between 3.8% and 6.3% 
    ** The Hang Seng Property Index falls 2.4%, the Hang Seng
Mainland Properties Index  .HSMPI  drops 3.5%, and the Hang Seng
Index  .HSI  declines 2.3%
    ($1 = 6.7783 yuan)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))