Shares of Longfor Group Holdings Ltd. (HKG:0960) plummeted by 6.71% on Friday, November 11th, as the real estate developer's October sales figures failed to meet market expectations.
According to a filing with the Hong Kong stock exchange, Longfor Group recorded total contracted sales of 11.2 billion yuan (approximately $1.57 billion) from the sale of 736,000 square meters of gross floor area in October. The company's contracted sales attributable to shareholders amounted to 7.34 billion yuan, representing a contracted gross floor sales area of 496,000 square meters.
Despite the relatively high sales figures, investors appeared to be disappointed with Longfor Group's performance, leading to a sell-off in the company's shares. The stock closed nearly 5% lower in recent trading on Friday, underscoring the market's concerns over the real estate sector's outlook amidst ongoing economic challenges.
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