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HSI Ebbs 300Pts+ after Midday Missing 20,000 Mark; CN Developers Slapped by Worry of Viral Fundraising
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The People's Bank of China (PBOC), the National Administration of Financial Regulation (NAFR) and the Ministry of Housing and Urban-Rural Development (MOHURD) held a joint press conference this morning (17th) to illustrate a number of policies to support the stability of the housing market, including increasing the credit scale of “whitelisted” projects to RMB4 trillion; ensuring the allocation of loan funds as soon as possible; and likely covering all commercial housing loans under the “whitelist” in the next step. However, in lack of new approaches to support the housing market, such measures may not meet the market's original expectations. This morning, the Hong Kong stock market opened 185 pts higher, and rallied 496 pts at one point, peaking at 20,783. However, it gave back 309 pts in the afternoon, bottoming at 19,977. The latest print was 20,077, slumping 209 pts or 1%, with a turnover of $168.89 billion. In the absence of new policy stimulus, coupled with industry peers capturing funds, Chinese property developers were bleak. Blue chip LONGFOR GROUP (00960.HK) last reported at $12.02, a sharp drop of 13.02%, with turnover of $1.382 billion. CHINA RES LAND (01109.HK) and CHINA OVERSEAS (00688.HK) slid 5.7%-6.7%. Blue chip property management stock CHINA RES MIXC (01209.HK) dived 4.1%. SUNAC (01918.HK), which planned to raise $1.19 billion in net proceeds through a top-up placing at a nearly 20% discount, fell to $2.24 in the afternoon and the latest reported price was $2.26, tumbling 26.62%. Given worry about further fundraising activities by Chinese property developers, POEs were in selloff, with RONSHINECHINA (03301.HK) last posted at $0.63, collapsing 32.26%. SHIMAO GROUP (00813.HK) last stood at $1.37, down 20.35%. R&F PROPERTIES (02777.HK), ZHENRO PPT (06158.HK) and KAISA GROUP (01638.HK) plunged more than 20%. Chinese property developers with SOE backgrounds came under pressure. YUEXIU PROPERTY (00123.HK) and GREENTOWN CHINA (03900.HK) slipped 7.9%-9.1%. CHINA JINMAO (00817.HK) cratered 12.3%, and SINO-OCEAN GP (03377.HK) tumbled 18.4%. AAStocks Financial News |
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