China Vanke, a leading property developer in China, saw its stock plummet by 17.42% on October 17, 2024, closing at 15:59:00. The sharp decline came in the aftermath of a briefing by the Chinese housing ministry, where no significant policies were announced to boost home demand.
According to reports, the Hong Kong stock market initially rallied earlier in the day but turned negative in the afternoon trading session, erasing earlier gains following the underwhelming housing ministry briefing. The Hang Seng Index fell 0.2%, while the Hang Seng Tech Index declined 0.1%.
The disappointment over the lack of incremental policies to stimulate the housing market led to a sell-off in Chinese property developers' stocks. Among the major casualties was China Vanke, which witnessed a staggering 15% drop in its share price. Other developers, such as Ronshine China, SUNAC, and R&F Properties, also experienced double-digit declines.
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