Shares of Longfor Group, a major Chinese property developer, plummeted 13.89% on October 17th, 2024, caught in a broader selloff that gripped the sector. The steep decline erased some of the gains Longfor had accumulated in recent trading sessions.
The slump in Longfor's stock price was part of a wider retreat in Chinese real estate shares, as investors opted to book profits following a recent rally. Notable names like Sunac, China Vanke, and R&F Properties also saw sharp declines on the day, even as Hong Kong's broader market rebounded.
The selloff in the property sector appeared to have been exacerbated by disappointment over a housing ministry briefing where few new policies to boost home demand were unveiled. Investor expectations for fresh supportive measures were left largely unmet.
Against this backdrop of profit-taking in property stocks and a lack of new housing market stimulus, Longfor Group bore the brunt of the sell-off, shedding nearly 14% of its value in a single trading session.
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