China’s disappointing economic data and fresh worries over the country’s property sector are weighing on investors.
Exchange-traded funds that buy Chinese stocks were sliding Monday, extending back-to-back weekly losses after China’s disappointing economic data and fresh worries cast a cloud over the country’s property sector.
Concerns about China’s economy increased Monday after Country Garden Holdings Co. suspended trading in some offshore bonds, “reminding investors of Chinese property market volatility from years ago and reinforcing that recession risks in China are real,” Tom Essaye, founder and president of Sevens Report Research, said in a note. He also cited “downbeat trade data out of China” last week, with imports and exports both missing estimates.
Shares of other China-focused ETFs were also falling Monday, with the Xtrackers Harvest CSI 300 China A-Shares ETF ASHR off 0.3% and the Rayliant Quantamental China Equity ETF RAYC down 0.5% while the KraneShares CSI China Internet ETF shed 0.4%, according to FactSet data, at last check.
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