By Jiahui HuangChinese property stocks fell in Hong Kong on subdued investor sentiment with companies reporting weaker contracted sales for December and the full year of 2023 as the property sector downturn continues. Longfor declined 7.1% and Yuexiu Property fell 6.6%, while Country Garden Holdings and Country Garden Services were 5.6% and 5.0% lower, respectively. The property stocks weighed on the benchmark Hang Seng Index, which was 1.9% lower at the midday break. Last week, Seazen Group said its contracted sales fell 35% in 2023 while Guangzhou R&F Properties reported a 48% decline for the year. China's property sector has had a weak start in 2024, Nomura analysts said in a recent note.

Source: Wall Street Journal January 16, 2024 05:51 UTC