What happened? Sunac China fell more than 18%, leading the decline in real estate stocks

Sunac China's stock price fell by more than 18%, leading the decline in real estate stocks. The company priced its shares at HKD 2.465 per share, with a discount of about 20%, expecting to raise approximately HKD 1.205 billion. Other real estate stocks were also affected, experiencing varying degrees of decline. Industrial Bank International pointed out that the revaluation of the real estate industry's valuation may continue for a long time, and attention should be paid to profit-taking and equity financing risks. The Ministry of Finance stated that special bonds will support land acquisition and affordable housing projects, with local authorities having autonomous decision-making power. Morgan Stanley's survey showed that mainland residents' outlook on housing prices slightly improved in September