Stock Track | Longfor Group Shares Plunge on Profit-Taking After Recent Rally

Stock Track

2024-10-17

Shares of Longfor Group, a prominent Chinese property developer, plummeted 6.51% on October 17, 2024, reversing some of the gains from the previous trading sessions.

The stock's decline came amid a broader sell-off in Chinese real estate stocks, even as the broader Hong Kong market rebounded on expectations of potential support measures for the troubled sector. According to market reports, investors opted to take profits after a recent rally in Chinese property stocks, including Longfor Group.

While the Hong Kong stock market rose 1.9% on October 17, with the Hang Seng Tech Index gaining 2.5%, Chinese property developers that had surged the previous day saw significant declines. Longfor Group, along with other major names like SUNAC, China Vanke, R&F Properties, and Logan Group, all experienced notable losses in morning trading.

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