The shares of Chinese property developers have been a short seller’s nightmare for more than a decade. Nothing seemed able to dent the rally. That has now begun to change.
Superficially, October was good for Chinese real estate. A rebound in activity pushed new home sales by floor area to their highest levels in recent months. Investment rose 13 per cent while property sales jumped 15 per cent. New construction starts grew 3.5 per cent, compared with a decline in the previous month.
But property prices are a better indicator of the sector’s prospects. Here, growth has been slowing. Shares of developers are, too. China Evergrande, a heavily indebted titan, is down more than 40 per cent from a July peak.
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