Hong Kong stocks fell for a third day straight with investor sentiment remaining skittish as new support measures for the property sector failed to impress.
The Hang Seng Index fell 1.02%, or 207.75 points, at 20,079.10. The Hang Seng China Enterprises index lost 1.22%, or 88.54 points, at 7,179.44.
At a press conference by China's housing ministry, Minister Ni Hong announced policy measures to bolster the faltering property sector.
The measures revolve around loosening buying regulations, enhancing funding for distressed property developers, securing timely home completions, and cutting mortgage rates to restore homebuyer confidence, according to an SCMP report.
The ministry is also anticipating the growth of loans for "white list" real estate projects to 4 trillion yuan by the end of 2024.
Some analysts were disappointed with the announcement, with investors remaining on edge and the market expected to remain volatile in the upcoming days.
Bruce Pang, chief economist and head of research of Greater China at JLL, referred to the measures as the "fine-tuning" of existing policies, stating that the actual conversion of improved sales volumes and price into investment and construction will take time, CNBC reported Thursday.
In corporate news, property companies which had risen on Wednesday fell once again after the disappointing media address. Sunac China (HKG:1918), China Vanke (HKG:2202, SHE:000002) and Longfor Group (HKG:0960) plunged 27%, 17%, and 14% respectively.
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