Stock Track | China Overseas Shares Surge Despite Weak Sales Figures

Stock Track2024-10-10

Shares of China Overseas Land & Investment (HKG:0688) soared 6.53% on Wednesday, despite the company reporting a 33% year-over-year decline in its contracted sales for September.

According to a filing with the Hong Kong stock exchange, China Overseas recorded contracted sales of around 18.8 billion yuan ($2.6 billion) last month, a significant drop from the same period a year ago. The company's sales area also fell by 4.6% year over year to approximately 949,400 square meters.

Despite the weak sales figures, investors appeared to shrug off concerns, propelling China Overseas' share price to close at HK$14.86, up HK$0.46 or 3.19% on the day. The rally came amid broader market optimism and speculation that the company's recent land acquisitions in cities like Haikou, Shijiazhuang, Shenzhen, and Changchun could fuel future growth.

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