China’s Property Stocks Tumble Back to Pre-2024 Stimulus Levels

Chinese property stocks have fallen back to pre-September 2024 stimulus levels, with a Bloomberg Intelligence gauge of developer shares dropping as much as 2.1% in a session and sliding 13% year-to-date. New-home prices across 70 cities fell 0.2% month-on-month in May, an accelerated decline from April's 0.19% drop, underscoring persistent weakness in lower-tier cities. The slump reflects waning investor appetite for old-economy sectors as capital rotates toward AI-linked tech and chipmakers, with the Star 50 Index gaining 30% YTD.