SINGAPORE: Chinese shares fell on Monday, with property developers shedding recent gains following lacklustre data on domestic home prices and as investors gauged major state-backed developer Vanke’s first net loss of more than $1 billion in the first half.
China stocks subdued on mixed trade data
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At the midday break, the Shanghai Composite index was down 0.6% at 2,824.50 points.
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China’s blue-chip CSI300 index was down 1.2%, and the consumer staples sector down 2.5% and the food and beverage index dropped 2.7%.
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Chinese H-shares listed in Hong Kong fell 1.8% to 6,212.19, while the Hang Seng Index was down 1.7% at 17,670.72.
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Mainland Chinese property shares fell 3.3% while Hong Kong-listed developers lost nearly 5%, as investors cashed out after Friday rally, which was triggered by a report on fresh policy support.
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China Resources Land and China Overseas Land & Investment - the top two H-share losers in Hong Kong - dropped 5.6% and 5.5%, respectively. Shares of New World Development were the largest losers on the Hang Seng with a 13.4% slump.
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Consumer shares also retreated from highs touched on Friday, with Kweichow Moutai down nearly 3%.
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Denting market sentiment, a private survey showed that China’s new home prices barely rose in August, while property giant Vanke reported a core loss of 7.6 billion yuan ($1.07 billion) in the first half on Friday. Shares of China Vanke fell nearly 4%.
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Caixin/S&P Global manufacturing PMI swung back to growth in August, data showed on Monday. Still, a broader survey on Sunday showed activity extended decline.
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Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.42% while Japan’s Nikkei index was flat.
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The yuan was quoted at 7.104 per US dollar, 0.17% weaker than the previous close of 7.092.
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