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HSI Deepens Decline to Nearly 680 pts; CN Property Developers & Managers Underperform A-shr Peers; CG Series Crater About 10-13%

AASTOCKS ·  Jul 11, 2022 03:50
Once bottoming at 21,026 after midday, the HSI last posted 21,047, down 678 pts or 3.1%, on a turnover of $78.4 billion. The HSTECH extended its decline after midday. The index last printed 4,601, down 4.3%.
Multiple Chinese developers were ousted from the list of southbound trading securities under the Shenzhen-Hong Kong Stock Connect scheme. As a result, the H-shares of the Chinese developers significantly underperformed their A-share peers (down merely 1%). TIMES CHINA (01233.HK) and KWG GROUP (01813.HK) plummeted to $1.94 and $2.04, respectively. Blue chip stock COUNTRY GARDEN (02007.HK) cratered 9.8% to $4.07.
CHINA VANKE (02202.HK), MIDEA REAL EST (03990.HK), GREENTOWN CHINA (03900.HK), CHINA JINMAO (00817.HK), blue chip LONGFOR GROUP (00960.HK), CIFI HOLD GP (00884.HK) and SEAZEN (01030.HK) tumbled about 5-7%.
CG SERVICES (06098.HK) logged the largest decline among property managers. Once bottoming at $27.95, the stock last printed $28.35, down 13%. TIMES NEIGHBOR (09928.HK) likewise edged down 11% to post at $1.37. GREENTOWN SER (02869.HK), S-ENJOY SERVICE (01755.HK), KWG LIVING (03913.HK), A-LIVING (03319.HK) and SUNAC SERVICES (01516.HK) also eroded nearly 5-8%.
Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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