Shares of Chinese property developer Longfor Group Holdings Ltd. tumbled 5.8% on Thursday, underperforming the broader Hong Kong market despite the company reporting solid contracted sales for October.
Longfor Group announced that its total contracted sales for October reached RMB 11.2 billion (around $1.6 billion), a respectable figure amid the challenging real estate market conditions in China. However, the positive sales data failed to lift investor sentiment, as the stock was caught in a broader selloff of Chinese property developers.
The plunge in Longfor Group's stock price occurred against the backdrop of a 1.1% decline in the Hang Seng Index, with other major Chinese developers like China Overseas Land and Investments and China Resources Land also witnessing significant drops. Market observers attribute this sector-wide slump to lingering concerns over the health of China's real estate market and the broader economic outlook.
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