China’s Golden Week is leaving investors flat as figures from home sales to Macau casino revenue disappoint.
Chinese property developers slumped in Hong Kong after the Economic Information Daily said new home sales tumbled in Beijing and Shanghai compared with a year earlier. Galaxy Entertainment Group Ltd. sank as much as 3.5 percent, with the Power Macao Gaming Association saying revenue was at best slightly higher versus the previous year. Hna-Caissa Travel Group Co. led losses by tourism-related stocks on the mainland after retail sales and restaurant receipts grew at a slower pace.
Investor optimism had been high that the holiday, dubbed “Super Golden Week” because it lasted eight days instead of the usual seven, would lead to bumper earnings. The MSCI China Index, which closed at a decade-high on Friday, fell 0.6 percent at 4:49 p.m. in Hong Kong. Investors instead shifted into stocks that had lagged behind this year, such as consumer staples.
