Chinese property developers tumbled, Poly Developments near limit-down after reporting 30% drop in Q3 profit

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Chinese property developers’ shares tumbled on Monday morning, with an index tracking the sector compiled by Wind Information nosediving by as much as 4.4%, before closing the morning session 2.7% lower.

That makes it the worst-performing sector in the A-share market, compared to 0.03% loss for the benchmark Shanghai Composite Index.

Poly Developments and Holdings sank 9.5% to 13.88 yuan in Shanghai, the lowest level since March this year. The developer reported that its third-quarter net profit plunged 31% year over year to 2.27 billion yuan. For the first three quarters of the year, Poly’s net profit fell 3.6% on year to 13.1 billion yuan.

Shares of Hangzhou Binjiang Real Estate Group and Zhuhai Huafa Propertieis tumbled 7.7%, China Merchants Shekou Industrial Zone Holdings down 4.4% and Seazen Holdings sliding 3.2%.

China Vanke slid 5.3% after it reported a 4.83 billion yuan of net profit attributable to shareholders of the listed company in the third quarter, sliding 14.4% from a year earlier. Revenue reached 130.76 billion yuan in the quarter, rising by 25.3% year over year. Its Hong Kong-traded shares plunged as much as 8.5% before closing the morning session 6.7% down.

Chinese property developer Longfor Group slumped as much as more than 40% in Hong Kong, its biggest one-day drop on record, before closing the morning session 23.9% down. The sell-off came after the company’s billionaire chairwoman Wu Yajun stepped down, marking the first time for the company to change its chairman in 29 years.  Read more …