China Property Shares Plunge After Removal From Stock Connect
- Shimao plummets as much as 30%, the most in more than a year
- Chinese real estate stocks have been weighed by housing slump
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Shares of some Chinese developers dropped in Hong Kong after they were made inaccessible to investors in the mainland, marking another setback for the beleaguered sector.
Shimao Group Holdings Ltd.’s stock shed as much as 30% on Tuesday, the most in more than a year, after it was scrapped from the Stock Connect program that links the Shanghai and Shenzhen bourses to the Hong Kong exchange. CIFI Holdings Group Co. and Sino-Ocean Group Holding Ltd. each sank more than 20%, while a Bloomberg Intelligence gauge of Chinese developers declined as much as 5.4% to the lowest since April.