Hong Kong-listed developers saw their share prices tumble on Monday as investors reacted to new property sales restrictions, which were imposed across eight major Chinese cities to calm rising house prices.
Evergrande’s stock fell as much as 11.2 per cent, while China Vanke’s dropped as much as 8.4 per cent and China Resources Land as much as 6.7 per cent.
The price drops came after seven provincial capitals and the sprawling municipality of Chongqing tightened controls on housing sales on Friday and over the weekend. State news reported that most had banned the reselling of homes within two to three years of purchase.
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