LGFRY - China Housing Shock: Property Shares Under Renewed Pressure After Weak Data | Benzinga
Chinese stocks fell sharply on Tuesday, led by a fragile-looking real estate sector, following data that showed continuing weakness in the country’s property market.
The Hang Seng Index in Hong Kong fell 1.6% on Tuesday. The iShares MSCI China ETF (NYSE:MCHI), an exchange traded fund that tracks some of China’s biggest stocks, was down 1.8% in pre-market trading in New York, despite having little exposure to the property sector.
Among the major decliners on the Hang Seng Index were Longfor Properties, down 7%, and China Resources Land, which fell 5.4%. Data on the performance of American depository receipts in Longfor Group Holdings ADR (OTCPK:LGFRY) and China Resources Land ADR (OTCPK:CRBJY) were delayed ahead of the market open in New York.
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