Hot Chinese ADRs turned down in morning trading; Li Auto slipped over 6% while KE Holdings Inc. slid over 3%.
China eased requirements for first-home purchases and lowered mortgage rates, fuelling a buying spree in first-tier cities like Shanghai and Beijing. Still, the piecemeal measures may not sustain demand, and provide little help in tempering defaults among Chinese private developers, according to Nomura Holdings.
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