Longfor leads Chinese developers lower on weak sales, Evergrande's losses

KWG group

18/07/2023 05:03

** Shares of Longfor Group  0960.HK  lead slide in Chinese
developers, falling as much as 9.7% to HK$15.50, lowest since
June 2
    ** Stock is biggest loser in Hang Seng Index  .HSI , Hang
Seng Property Index  .HSNP , Hang Seng China Enterprises Index
 .HSCE  
    ** China's property sales between June and May showed the
largest monthly drop this year, based on sales by floor area,
and investment in property also slumped, official data showed on
Monday
    ** Nomura says China's property activities in June
experienced continued pressure and the central government is
expected to only introduce marginal property easing measures
despite the weak property sales and construction activities 
    ** China Evergrande  3333.HK  posted a combined loss of $81
billion in 2021 and 2022 and a rise in total liabilities in its
long overdue results on Monday, with shares remaining suspended 
    ** Evergrande's debt problem has rippled through China's
property sector, leading to a string of defaults and uncompleted
homes across the nation
    ** Shares of China South City  1668.HK , Hopson  0754.HK ,
Powerlong   1238.HK , Greentown China  3900.HK , KWG  1813.HK ,
Agile  3383.HK , R&F Properties  2777.HK , Country Garden
 2007.HK  fall 1.1% to 8%
    ** Hang Seng Mainland Properties Index  .HSMPI  plunges 5.2%
while Hang Seng Index  .HSI  falls 2.2%, Hang Seng Property
Index  .HSNP  drops 3%

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