China ADRs Drop on Ongoing Property Sector Concerns

Reuters02-28

** U.S.-listed shares of Chinese companies fall, tracking a drop in mainland China and Hong Kong stocks on property worries

** Poster-child of economy's property sector woes, Country Garden says liquidation petition has been filed against it for non-payment of a $205 million loan

** E-commerce firms Alibaba Group Holding , JD.com Inc and PDD Holdings fall between 1.2% and 3.3%

** Gaming stocks Bilibili Inc slides 4.2% and peer NetEase Inc down 0.6%, while search engine giant Baidu Inc sheds 4.7%

** EV firms Li Auto Inc , Nio Inc and Xpeng Inc slip between 4.7% and 6.9%

** Music streaming co Tencent Music Entertainment Group fall 2.5%, while Social media co Weibo Corp and live streaming platform Huya Inc lose over 3% each

** China ETFs such as IShares MSCI China ETF, China Large-Cap ETF and KraneShares CSI China Internet ETF fall over 2% each, while Direxion China CSI Daily Bull 2X slides 5%

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