China Property Stocks Slide to Lowest Since 2011 as Rout Extends

Spiraling property crisis extends selloff in developer shares
Golden Week holiday period crucial for home sales momentum

WATCH: Bloomberg Originals explores how China’s real estate sector became such a mess and what the implications could be for the global economy.Source: Bloomberg

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By John Cheng

September 27, 2023 at 5:50 AM UTC

Updated on

September 27, 2023 at 9:09 AM UTC

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Chinese property stocks tumbled to their lowest levels since October 2011 as worries about liquidity and weak housing demand intensified ahead of a weeklong trading break on the mainland.

A Bloomberg Intelligence gauge of developer shares closed down 3.5% on Wednesday. The biggest drag was CIFI Holdings Group Co., which plunged 59% as trading resumed following months of suspension. The gauge is down more than a third for the year, compared with the 9% decline in the broader Hang Seng China Enterprises Index.