Longfor Group's stock plummeted 7.29% in the intraday trading session on Friday, underperforming the broader market. The real estate developer was among the biggest losers in Hong Kong, as Chinese stocks slid after a key economic policy meeting failed to introduce new stimulus measures to excite investors.
The Central Economic Work Conference's readout reiterated pledges to issue debt, lower interest rates, and support growth, but lacked fresh initiatives. This disappointed investors who were hoping for more aggressive policy actions to boost the slowing Chinese economy.
The lack of impactful measures weighed heavily on sectors like financials, consumer staples, real estate, and healthcare. Longfor Group, being a prominent property developer, was severely impacted by the sell-off in the real estate sector, which saw a 2.8% decline.
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