Evergrande’s Woes Fuel Selloff in Chinese Property Shares

A selloff in Chinese property stocks intensified Thursday, as concern mounted about the effects of an official campaign to rein in the sector that has already sparked turmoil at China Evergrande Group .

The Lippo Select HK & Mainland Property Index dropped 4.9%, closing at its lowest level in more than four years, FactSet data showed. The drawdown in property shares helped pull Hong Kong’s flagship Hang Seng Index down about 1.5% to 24667.85, the benchmark’s lowest closing value of 2021.