Stock Track | Longfor Group Plunges as Property Stock Rout Deepens on Disappointment Over Lackluster Support Measures

Stock Track10-18

Shares of Longfor Group, a prominent Chinese property developer, plummeted by a staggering 13.89% on October 17, 2024, as the company found itself caught in a broader selloff that engulfed the struggling real estate sector. The steep decline erased a significant portion of the gains Longfor had accumulated in recent trading sessions, underscoring the volatility and fragile sentiment surrounding the embattled industry.

The slump in Longfor's stock price was part of a wider retreat in Chinese real estate shares, as investors opted to take profits following a recent rally. Notable names like Sunac, China Vanke, and R&F Properties also saw sharp declines on the day, with losses ranging from 17% to as high as 27%.

The selloff in the property sector appeared to have been exacerbated by disappointment over a housing ministry briefing where few new policies to meaningfully boost home demand were unveiled. Investor expectations for fresh, substantive supportive measures were left largely unmet, as the announced policies were seen as a mere "fine-tuning" of existing initiatives.

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