© Reuters
Investing.com– Shares of major Chinese property developers fell sharply on Wednesday, as government data showed that a decline in Chinese house prices deepened in December, while weak economic growth data also weighed.
Hong Kong-listed shares of major developers including Sunac China Holdings Ltd (HK:), Longfor Properties Co Ltd (HK:) and China Resources Land Ltd (HK:) sank between 4.5% to 9%. China Vanke ‘s (HK:) Hong Kong shares fell 3.2%, while Gemdale Corp’s (SS:) Shanghai shares sank 1.5%.
Embattled developers China Evergrande Group (HK:) and Country Garden Holdings Company Ltd (HK:)- which are both struggling to restructure their debt obligations- fell between 3.5% and 6%. Country Garden recently said it expects property market weakness to persist in 2024, and that it appointed auditor KPMG to restructure its offshore debt obligations.
Data from the National Bureau of Statistics…
