Chinese manufacturing contracts in August for 5th straight month


Chinese property stocks declined on Thursday after Country Garden, once the country’s largest developer by sales, reported record losses and China Vanke cancelled a share placement.

The CSI 300 Real Estate index, which tracks property stocks listed on mainland exchanges, declined 4.1 per cent in morning trading. Hong Kong’s Hang Seng Mainland Properties index declined 1.5 per cent, erasing early gains.

China’s property sector is dealing with a renewed liquidity crisis. Country Garden on Wednesday reported a $7bn dollar first-half loss, its worst ever, while China Vanke, another major developer, cancelled a share placement worth up to Rmb15bn ($2bn) and released earnings showing a 19 per cent slide in profits.

Articles You May Like

Israel, Palestine and the mirage of a two-state solution
China tries to bridge economic policy ‘credibility gap’
Ethereum team lead sees zero interest from university in collaborating
Crypto is for criminals? JPMorgan has been fined $39B and has its own token
Bitcoin halving, BTC ETF hype driving price up into 2024 — NBX Berlin