Shares of China Resources Land, a leading Chinese property developer, tumbled 5% on Monday, hitting their lowest level since January 2017, as new data revealed a deepening slump in the country's real estate market.

According to official figures released on Saturday, China's new home prices fell 5.3% year-over-year in August, marking the fastest pace of decline in more than nine years. The persistent downturn in the property sector has defied government efforts to shore up demand and revive the flagging industry.

The grim housing market data weighed heavily on Chinese developers listed in Hong Kong, with China Resources Land leading the declines. Rival companies like Yuexiu Property and China Overseas Land also suffered significant losses, while Sino-Ocean Group hit an all-time low after reporting a sharp drop in contracted sales.