SouFun leads drop among China stocks traded in US
Add BT as a preferred source[NEW YORK] Real-estate companies are leading declines among Chinese stocks traded in the US this month, with SouFun Holdings Ltd headed for the worst drop in two years, as a housing slowdown spurs concern that sales will slow.
SouFun, China's biggest real-estate information website, has sunk 25 per cent in June, the steepest monthly decline since July 2012. E-House China Holdings Ltd, a Shanghai-based property brokerage, has plunged 13 per cent while online property listing website Leju Holdings Ltd has lost 18 per cent. The Bloomberg China-US Equity Index rose 0.1 per cent to 104.69 last week in New York.
China's new-home prices fell in half the cities tracked by the government for the first time in two years. Sales growth at all three companies will be less than half the pace of 2013, analyst estimates compiled by Bloomberg show. Agents in Shenzhen are threatening to boycott SouFun over the cost it charges for listings, the South China Morning Post reported on June 19, a week after Deutsche Bank AG cut the stock to hold, citing concern discounts on fees will erode profit.
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