BUZZ-China's Hopson at over 6-week low as sales slip, rivals fall

Reuters2023-12-08

** Shares of Hopson Development Holdings Ltd fall 3.6% to HK$4.03, their lowest since Oct 24, on the second session of decline

** Stock on track for the biggest one-day drop since Sept 25 if trends hold; sixth biggest pct loser in Hang Seng Composite Index on properties and construction stocks

** Shares on course to end the week down 7.6%, the biggest weekly losses since mid-August

** The Chinese property developer says gross contracted sales for Jan-Nov period amounted to 27.7 bln yuan ($3.87 bln), down 1.4% from 28.1 bln yuan the same period in 2022

** Rival Sunac China drops 5.4%, Country Garden

falls 3.8% and China Evergrande slips 0.8%

** Hang Seng Mainland Properties Index falls 2%, Hang Seng Index slips 0.2%

** Hopson stock down 30.6% YTD

($1 = 7.1532 Chinese yuan renminbi)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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