Greentown China (03900.HK) shares plummeted 5.05% in Hong Kong trading on Thursday, as mainland property stocks faced a collective downturn. The significant drop comes amid growing concerns over China's struggling real estate sector and disappointing sales figures.

The decline in Greentown China's stock price was part of a broader trend affecting Chinese property developers. Other notable declines included RonshineChina (03301) dropping 5.42%, CH OVS G OCEANS (00081) falling 5.22%, and R&F PROPERTIES (02777) sliding 5%. This sector-wide slump follows recent data from the National Bureau of Statistics, revealing that national new home sales area decreased by 5.5% year-on-year from January to September, with sales value dropping 7.9% during the same period.

The outlook for China's property market remains grim, according to industry experts. Fitch Ratings' Asia-Pacific Corporate Ratings Director, Shi Lulu, stated on October 29 that the market has yet to bottom out, with recovery trends uncertain. Despite a brief stabilization in Q1 this year, new home sales and prices have been trending downward since April, with declines accelerating in June. Shi Lulu further projected that property market sales may continue to decline through 2026, adding to the pressure on companies like Greentown China and its peers in the sector.