Country Garden's stock (02007) plummeted 10.53% during Monday's intraday session, reflecting deepening investor concerns over China's property sector crisis.
The decline follows official data showing new home prices fell 0.4% month-on-month and 2.7% annually in December, marking the steepest annual decline in five months. The property sector's persistent downturn has pushed developers like Country Garden into financial distress due to heavy debt burdens and unfinished projects.
Government pledges to stabilize the sector have yet to reverse the trend, with the secondary market also showing weakness across all city tiers. The ongoing crisis has raised fears of prolonged economic imbalances, further weighing on developer stocks.
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