China Agency Shares Jump After $276m Loss: Caixin

New York-listed shares of Chinese residential real estate agency KE Holdings have risen nearly a quarter since the firm announced that it had plunged more than 1.7 billion yuan into the red, on the back of a one-third decline in existing home sales, Caixin reported.

The rally suggests markets may have expected worse results from the Tencent-backed firm. It comes as the liquidity crisis at developer Evergrande continues to spook the property market and investors, as tight regulations have been imposed on mortgage issuance and house prices.

In the three months to September 30, KE reported a 1.77 billion yuan ($276 million) net loss, compared with a 75 million yuan net profit last year. Revenue fell 11.9% year-on-year to 18.1 billion yuan. The stock rose 4.8% on Thursday to $23.34 at the close.

Read the full report: Caixin

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.