Stock Track | LOGAN GROUP Plunges 14.81% as Hong Kong Property Stocks Sink on Disappointing Housing Policies

Stock Track10-17

LOGAN GROUP, a Hong Kong-based property developer, saw its stock price plummet by 14.81% on October 17, 2024, as the Hong Kong housing market reacted negatively to an underwhelming briefing by the housing ministry.

The Hang Seng Index, a major stock market index in Hong Kong, fell 0.2%, while the Hang Seng Tech Index declined by 0.1%. The bearish sentiment in the market was fueled by the housing ministry's failure to announce any significant policies aimed at boosting home demand in the region.

Many Chinese property developers, including LOGAN GROUP, experienced sharp declines in their stock prices following the briefing. Ronshine China, another Hong Kong-based developer, saw its shares plunge by a staggering 32%. Other notable declines were observed in Sunac, R&F Properties, China Vanke, and Longfor Group, with drops ranging from 12% to 25%.

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The bearish sentiment in the market was fueled by the housing ministry's failure to announce any significant policies aimed at boosting home demand in the region.</p>\n\n<p>Many Chinese property developers, including LOGAN GROUP, experienced sharp declines in their stock prices following the briefing. Ronshine China, another Hong Kong-based developer, saw its shares plunge by a staggering 32%. 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