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China property stocks dive as housing curbs kick in

At least 44 cities have imposed restrictions on the resale of properties this year, designed to rein in prices

Published Mon, Sep 25, 2017 · 09:50 PM
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Hong Kong

CHINESE property stocks plunged in Hong Kong after cities added housing curbs, dashing speculation that the authorities would pull back on measures to cool rising prices.

Eight cities including Chongqing and Nanning rolled out restrictions over the weekend, with most banning home resales within two to three years of purchase, the official Xinhua News Agency reported. Shanghai-based Tospur Real Estate Consulting Co said six more may follow suit, without naming them.

A Bloomberg Intelligence index of 22 developers tumbled 7.6 per cent as of 11.15 am on Monday, heading for its steepest drop in more than two years and taking some of the air out of valuations for stock market stars such as China Evergrande Group and Sunac China Holdings Ltd, which have climbed fivefold and fourfold, r…

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