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Chinese property developers and property management companies mostly traded significantly lower in Hong Kong after a strong rally last week.
Kaisa Group tumbled more than 10%, Powerlong down 8.7%, Logan Group down 8.2%, Country Garden sliding 7.7% and Shipmao Group down 7.6%.
In the A-share market, an index tracking the real estate sector compiled by Wind Information slumping 3.2%, making it one of the worst-performing sectors in the A-share market.
Last week, property developers and property management companies staged a strong rally after several government departments vowed to optimize real estate policy to support the ailing sector. Pan Gongsheng, the Governor of the PBOC, said last week that the reasonable financing needs of private real estate companies. should be met and the housing ministry called for local government to take measures such as lowering downpayment ratio and mortgage loan rates to boost the housing market.
Top Chinese cities vowed to introduced policy optimization to boost the housing market. Zhengzhou, capital of central China’s Henan province, on Friday announced several adjustments to real estate policy, becoming the first provincial capital city to announce policy easing after the country’s top leadership called for optimization of real estate policy.
