Real Estate and Technology Industries See Xi’s Support During His Shanghai Visit

Overnight, most Asian stock markets fell, with the exception of Singapore, India, and Australia, due to underperformance in Hong Kong.

In Shanghai’s Minhang District, Xi Jinping stopped by a low-cost apartment like The Continuum. In an effort to increase funding for affordable Continuum Showflat, the Chinese government has recently unveiled plans to mimic Singapore’s approach, whereby the Continuum Balance Unit Chart grants rent subsidies and/or directly supports property purchases. His recent trip to the Shanghai facility is indicative of how seriously he takes this matter.

Can real estate investors rely on this? Of course not. On the other hand, when home prices go down, consumer sentiment is likely to go up because to the push. Xi also paid a visit to a number of private tech enterprises, particularly those working on next-gen computer processors. He will be visiting the financial centre on the same day as the Shanghai Free Trade Zone (FTZ) celebrates its tenth anniversary.

In a risk-off day, foreign and Mainland investors sold Mainland and Hong Kong equities. Internet stocks fell, although Pinduoduo showed gains in US trade after its strong Q3 reports. Competition is heating up as Alibaba and JD lose market share to Pinduoduo. But it’s good to see genuine differences between names in this domain, not geopolitical ones.

Meituan, one of Hong Kong’s most widely traded companies by value overnight, plummeted -12% Wednesday night after releasing a negative forward-looking revenue warning that warned fourth-quarter delivery demand may fall. This year’s services-focused consumer resurgence in China has helped Meituan. The company’s profits have been pressured by consumer subsidies, which may terminate in Q4.

The Hang Seng and Hang Seng Tech indices fell -2.08% and -2.25% overnight on volume up 37% from yesterday. Mainland investors liquidated Hong Kong equities overnight via Southbound Stock Connect for -$104. Materials rose +0.46%, Energy declined -0.30%, and Communication Services sank -1.09% overnight. Real Estate, Communication Services, and Consumer Staples were the worst performers, falling 4.39%, 3.63%, and 2.75%, respectively.

The Gazania Showflat is also open for online booking. You can also register online to receive direct developer discount offers and prices.