Chinese ADRs fell in premarket trading as investors were disappointed with China’s monthly economic data, which showed a marked slowdown in consumption growth and property investment.

YINN fell 2%; iQiyi fell 1.8%; PDD Holdings and Bilibili fell 1.5%; Alibaba fell 1.3%; NetEase fell 1.1%; while XPeng rose 1.1%.

China’s retail sales rose 3 per cent in November from a year earlier, missing analysts’ estimate of 5.3 per cent growth and down from the 4.8 per cent growth in October, according to official data released on Monday. Property investment fell 10.4 per cent from January to November, compared with the 10.3 per cent fall in the first 10 months of the year.

New-home prices in November, however, fell at the slowest pace in 17 months, after Chinese authorities launched a slew of easing measures to rescue the crisis-hit property sector.

Last week, China’s Politburo, the Communist Party’s top decision-making body, pledged to adopt “more active” policies during a two-day economic work conference, which included promises to “vigorously boost consumption, improve investment efficiency, and expand domestic demand on all fronts”. This briefly lifted up the market but sentiment faded as the readout from the meeting lacked details, disappointing investors.