Stock Track | Seazen Stock Tumbles on Dismal Contracted Sales Data

Stock Track09-09

Shares of Seazen Holdings Co. Ltd. (SEAZEN) plunged over 5% during intraday trading on September 9, as the company reported a dismal set of contracted sales figures for August and the first eight months of 2024, reflecting the continued challenges in China's real estate market.

According to a filing with the Shanghai Stock Exchange, Seazen's contracted sales in August plummeted 58.7% year-over-year to 2.50 billion yuan ($349 million), while the contracted sales area fell 62.4% to 301,300 square meters. The disappointing performance extended to the year-to-date period, with the company's cumulative contracted sales from January to August declining 45.8% compared to the same period last year, reaching around 29.54 billion yuan.

The steep decline in contracted sales highlights the weak housing demand and sluggish market conditions faced by China's property developers amid ongoing economic headwinds. As a major player in the real estate sector, Seazen's lackluster sales performance raised concerns among investors about the company's future revenue and profit outlook, prompting a sell-off in the stock.

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