China's Property Market: Disappointment and Decline

China and Hong Kong's stock markets fell after a housing policy briefing failed to introduce new stimulus measures. Indices dipped over 1%, while property stocks faced significant losses, influenced by Sunac's discounted share sale. Meanwhile, the tech sector saw slight gains, providing a rare positive note.

China and Hong Kong's stock markets took a hit as a housing policy briefing offered no new stimulus, leaving investors let down. Both the CSI300 Index and the Shanghai Composite Index ended more than 1% lower, while Hong Kong's Hang Seng Index fell by 1%.

Housing Minister Ni Hong announced measures to expand the 'white list' of housing projects eligible for financing, increasing bank lending to 4 trillion yuan. However, analysts indicated these plans mainly rehashed existing policies and failed to match the scale of past projects.

The property sector suffered significant losses, with property stocks in China and Hong Kong tumbling by 7.9% and 6.7%, respectively. However, tech stocks provided a slight glimmer of hope, inching up nearly 1%. Investors now await upcoming GDP data for more clues on China's economic recovery.

(With inputs from agencies.)