Chinese real estate stocks are close to losing all the gains notched during last year’s massive reopening rally as troubles mount for the debt-laden sector.

A Bloomberg Intelligence gauge of real estate stocks trading on the mainland and in Hong Kong is less than 3% away from piercing below its end-October trough, which was the lowest since 2011. The gauge had surged 88% in less than six weeks back then as China’s move to dismantle Covid controls and a gamut of supportive measures for the property sector raised hopes for a revival.

Up Next

China Property Stocks Gauge on Cusp of Erasing Reopening Rally