Chinese property giant China Vanke saw its stock plummet by 17.42% on October 17, 2024, as a lack of new policies to boost home demand from the housing ministry triggered a broad sell-off in the country's real estate sector.
The sharp decline in China Vanke's share price came after a highly anticipated briefing by China's housing ministry failed to unveil any significant incremental measures to stimulate the faltering property market. The ministry announced some tweaks to existing policies, such as loosening buying regulations, enhancing funding for distressed developers, and cutting mortgage rates, but these were seen as underwhelming by investors.
The disappointment over the lack of substantial new stimulus measures sparked a wave of selling in property developer stocks. Besides China Vanke, other major casualties included Ronshine China (down 32%), SUNAC (down 25%), and R&F Properties (down 21%). The Hang Seng Index fell 1.02%, while the Hang Seng China Enterprises index lost 1.22%.
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