The Hang Seng is currently down 1.52% (-286.42) at 18,557.74 while the Shanghai Composite Index is down 0.63% (-19.90) at 3,157.16. Shanghai's CSI 300 is down -22.32 (-0.58%) at 3,826.63.
As noted this morning:
"Chinese Property Stocks Soar After Latest Beijing Support, Country Garden Debt Deal"
Once again we cautiously caution be cautious, that support for the group does not mean new construction (and the GDP growth it brings) is about to return to the glory days.
That time has passed, never to return and at best Beijing will keep the world from descending into a depression caused by the Chinese property market....
From the South China Morning Post, September 5:
- Property default risk stays elevated as Country Garden faces a deadline on two bond coupon payments this week
- Sinopharm Group slides as the stock joins the Hang Seng Index membership after the latest quarterly review
Hong Kong stocks fell from a three-week high, led by a retreat in property developers as concerns about debt defaults overshadowed Beijing's renewed drive to revive home sales and repair market confidence. Sinopharm Group slumped after becoming a benchmark index member.
The Hang Seng Index slid 1.1 per cent to 18,644.58 at 10.03am local time, after rallying 2.5 per cent on Monday to the highest level since August 11. The Tech Index dropped 1.1 per cent while the Shanghai Composite Index declined 0.5 per cent.
Chinese developers led losers, with China Resources Land sliding 3.6 per cent to HK$35.10 and China Overseas Land and Investment tumbling 2.9 per cent to HK$17.40. Tencent lost 0.9 per cent to HK$330.60 and Alibaba Group shed 0.6 per cent to HK$92.65....
....MUCH MORE
