Stocks in Hong Kong suffered their worst day in three months on Tuesday on growing concern about China’s weak housing market and persistently high US interest rates.
The Hang Seng Index ended down 2.7% — its biggest drop since early June — after investors returned from a long holiday weekend. The market benchmark is one of the world’s worst performers this year, having fallen more than 12%, and now stands at its lowest level since November.
Despite a recent improvement in data, investors remain gripped by worries about China’s economic slowdown, a property market slump, and frictions between Beijing and Washington that have caught tech companies in the crosshairs.
Real estate stocks were once again among the heaviest losers in Hong Kong.
This is the best summary I could come up with:
Stocks in Hong Kong suffered their worst day in three months on Tuesday on growing concern about China’s weak housing market and persistently high US interest rates.
Despite a recent improvement in data, investors remain gripped by worries about China’s economic slowdown, a property market slump, and frictions between Beijing and Washington that have caught tech companies in the crosshairs.
Trading in Evergrande New Energy Vehicle, the group’s EV arm, remained suspended, pending the release of an announcement about “inside information,” the firm said in a filing on Tuesday.
Evergrande Group said last week that its founder and chairman Xu Jiayin had been detained by Chinese authorities on suspicion of crimes, sparking fears that the bankrupt developer could face liquidation.
Total property sales by the top 100 developers dropped 29% in September from a year ago, marking the fourth straight month of declines, according to data published by Shanghai-based research firm China Real Estate Information Corporation (CRIC) on Saturday.
China has rolled out a series of stimulus measures to boost the country’s ailing property market, including slashing mortgage rates and scrapping restrictions on home buying in Chinese cities.
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