Shares of property firms surge as sales decline in China

03 Jul 2024 CW Team

The yearly sales reductions of major Chinese property developers continued to decrease in June, according to private statistics, which caused shares of Chinese real estate companies listed in Hong Kong to soar. Earlier in the day, the Hang Seng Mainland Properties Index had jumped as high as 4.8%; by noon, it was up 3.5%. State-backed China Resources Land and privately held CIFI Holdings rose more than 4%, while private developers Longfor Group, Shimao Group, and Agile all saw increases of more than 5%. The impact of a significant government package of assistance measures announced in mid-May on stabilising the nation's failing real estate sector is being actively monitored by the market. According to statistics from property researcher CRIC, sales value at China's top 100 real estate developers was down 16.7% from a year earlier in June but increased 36.3% from May, a narrower loss than the 33.7% annual decline in May. According to CRIC, June sales for almost one-third of these developers?mostly state-owned and backed businesses like China Overseas Land & Investment, Poly Developments, Greentown China, and China Resources Land?showed year-over-year increases, underscoring the division in the industry. After the plethora of supporting measures, the research company stated that it anticipates more house purchases and that the annual decline in July will continue to reduce because of the low base from the previous year. China Index Academy, a different real estate research firm, said on Monday that the typical cost for new homes across 100 cities edged up 0.15% month-on-month in June, their slowest pace in five months. In May, Chinese authorities unveiled what they called a historic support package for the property sector, which has been hit hard by a liquidity crunch since 2021, with many firms defaulting on debt.

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