China property stocks drop 7% after housing ministry briefing
China property stocks dropped following a briefing by the country’s housing ministry, while the broader CSI 300 was up along with most other Asia-Pacific markets.
The CSI 300 real estate index — which had gained over 5% on Wednesday — fell 7%, while the benchmark CSI 300 was up 0.3%.
Hong Kong’s Hang Seng index
rose 0.5% following a number of policy announcements from its chief executive on Wednesday. The Hang Seng Mainland Properties Index dropped 3.6%.
Japan’s Nikkei 225
slipped 0.1%, while the broad-based Topix was up 0.3% as investors assessed trade data out of Japan.
Japan’s exports fell 1.7% in September compared to the same period last year, surprising economists polled by Reuters who had expected a 0.5% growth. Exports, which contracted for the first time this year, were down sharply from a revised growth rate of 5.5% in August.
September’s import growth came in at 2.1% also missing expectations of economists who expected growth of 3.2%. The figure was down from August’s growth of 2.3%.Cay)
Source: CNBC
