Chinese Property Stocks Slump After New Support Measures Disappoint Investors -- WSJ

Dow Jones10-17

By Rebecca Feng

Chinese property stocks sank, reflecting investor disappointment about new moves to shore up the battered real-estate sector.

China's housing ministry unveiled a series of initiatives Thursday, including fast-tracking credit for struggling developers and renovating a million apartments in so-called urban shantytowns.

But the briefing showed China isn't aiming for a V-shaped recovery, wrote Raymond Yeung, chief China economist at ANZ.

"Without announcing a major shift in housing policy stance, the policy measure will not induce massive investment demand in real estate," he said in a note.

-- A Hong Kong property sub-index that includes many Chinese real-estate stocks fell 4.4%.

-- Shares in Sunac China, Kaisa and R&F, all of which have defaulted on international debts, declined more than 20%.

Housing Minister Ni Hong said by year-end some $550 billion of loans will be deployed to fund "white-listed" unfinished housing projects. Loans so far to such projects total $313 billion, officials said.

Officials added they would demolish a million shantytown apartments and compensate residents with cash or new housing. China ran a similar program in 2015 during a previous downturn.

In the past three weeks, Chinese officials have held a series of briefings about stimulus measures. Thursday's update followed earlier announcements by the central bank, economic planners, and the finance ministry.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

October 17, 2024 06:13 ET (10:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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