CapitaLand is down 4.4% at $3.69 as investor sentiment takes a hit given fresh property tightening measures taken by China late last week. Most of the property stocks in mainland China are also down.
China accounts for nearly 40% of the Singapore property developers' total assets. On Feb. 21, CapitaLand announced a 44.9% drop in its 4Q net profit at $262.7 million, but said that it was willing to deploy more resources in China after its sales of residential units in China accelerated in the second half of last year.
New property cooling measures by China may weigh on such plans of CapitaLand.