The sell-off in stocks of Chinese property developers continue in Hong Kong as market concerns about the sector’s financial health deepens after homebuyers of nearly 100 property projects across the country refuse to pay mortgages.
Longfor Grup is slumping 6.4% as of 10:07 am local time, KWG Group down more than 5%, Greentown China sliding 3.8%, Powerlong down 3.7%, Country Garden down 3.5%, Guangzhou R&F Properties down 3.4%.
In mainland China’s A-share market, an index tracking the real estate sector compiled by Wind Information is sliding nearly 2%, making it one of the worst-performing sector in the A-share market.
As of July 12, home buyers of more than 100 property projects across provinces including Hubei, Henan, Shandong, Jiangxi, Jiangsu, Hunan and Shaanxi had issued statements saying that they refuse to pay mortgage loans as the properties they purchased have been left unfinished, according to a report to The 21st Century Business Herald. Read more …
