Chinese property developer Country Garden experienced a significant drop in its shares, reaching eight-month lows, due to fears over the country’s real estate sector debt. JP Morgan downgraded the company’s stocks, citing concerns about liquidity unless the Chinese government provides more policy support. Other Chinese property stocks, including Longfor Group, Sunac, China Vanke, and China Overseas Land and Investment, also saw declines. The Hang Seng Mainland Property Index fell over 5%. The Chinese property sector has been grappling with a credit crisis since August 2020, which has led to a slowdown in the economy. Goldman Sachs economists predict an “L-shaped recovery” for the property market, resulting in long-term economic consequences. Additionally, Evergrande, the world’s most indebted property developer, reported substantial losses in its overdue earnings report, further impacting the sector.
China’s Property Stocks Drop as Country Garden, Longfor, and Sunac Take a Hit
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