In September, Beijing unveiled a raft of monetary stimulus packages, including forced interest rate cuts and lower down payments of homebuyers to boost the economy. Later, the southern city of Guangzhou lifted all home purchase restrictions, while both Shanghai and Shenzhen revealed plans to ease key buying curbs.

Shares in mainland China soared at the opening, as markets reopened after the Golden Week holidays. But they slid back as the stimulus plans provided by China’s economic planning agency seemed to underwhelm investors.