Shares of Sunac China Holdings Ltd, a major Chinese property developer, plunged by a staggering 38.44% on October 8th, 2024, following the release of its September contracted sales figures.
According to the company's filing, Sunac's contracted sales for September stood at a meager 1.41 billion yuan (approximately $196 million), reflecting a significant decline from its previous performance. The disappointing sales figure, which includes both residential and commercial properties, highlights the mounting challenges faced by the company in the Chinese real estate market.
The weak sales data has raised concerns among investors about Sunac's ability to navigate the current economic landscape and maintain its market position. The company's stock price plummeted as investors reacted to the discouraging sales figures, which are seen as a key indicator of the company's financial health and future prospects.
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