AIRC - China fintech stocks collapse into the close apartment REITs outshine financial sector

The collapse of China's largest real estate developer, Evergrande, has triggered a wide-scale selloff in risk assets with China-based financial stocks taking the lead. China-based real estate platform KE Holdings (NYSE:BEKE) -8.4% dropped the most among Chinese fintech stocks - ahead of consumer finance platform Qudian (NYSE:QD) -7.3% and LexinFintech Holdings (NASDAQ:LX) -7.3% as Evergrande woes spread to other property companies. In contrast, despite Monday's surge in stock market volatility, apartment real estate investment trusts including Preferred Apartment Communities (NYSE:APTS) +0.5%, Equity Residential (NYSE:EQR) +0.5%, AvalonBay Communities (NYSE:AVB) 0.3%, Camden Property Trust (NYSE:CPT) 0.2% and Apartment Income REIT (NYSE:AIRC) 0.3% close in the green on Monday. Some self-storage REITs like Public storage (NYSE:PSA) +0.4%, Extra Space Storage (NYSE:EXR) +0.03%, Cubesmart (NYSE:CUBE) +0.2% and Life Storage (NYSE:LSI) +0.04% also finish positively. U.S. financials (NYSEARCA:XLF) also fell sharply intraday as the U.S. Treasury yield curve tightened, but erased some of their losses into the close. In end-August, apartment REITs gained after federal eviction moratorium ended.

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China fintech stocks collapse into the close, apartment REITs outshine financial sector