China Vanke Co., Ltd. (02202.HK) plunged 8.85% in intraday trading on Friday, underperforming the broader market as concerns over the country's real estate slump continued to weigh on the property developer's stock.

The drop in Vanke's shares came despite data showing China's economy expanded by 5% in 2024, meeting market expectations and government targets, as a flurry of stimulus measures kicked in towards the end of the year. However, the real estate sector remained a drag on growth, with deflation risks and weak consumer spending weighing on the outlook.

China's real estate downturn has dampened consumer confidence and spending, as uncertainty about future income and the value of properties has made households cautious. While the government has taken steps to halt the real estate decline and revive the sector, analysts expect it will take time for these measures to have a significant impact.