HONG KONG : China property stocks listed in Hong Kong jumped nearly 8 per cent on Tuesday as investors clung to hopes that Beijing would roll out supportive measures soon to bolster the embattled sector.
Shares of major developer Longfor Group surged 11 per cent while defaulted peers Sunac China and KWG Grouop gained 12 per cent and 18.6 per cent, respectively, versus a 1.2 per cent rise in the broader Hang Seng Index.
Investors’ hopes to see further national stimulus policies increased last Friday after several second-tier cities announced their own supportive measures.
The property sector, once a pillar of economic growth, slumped sharply last year with developers defaulting on debt or bonds and suspending construction of presold housing projects.
Policymakers have rolled out measures since the second half of 2022 to stabilise the property market that has been further boosted by the lifting of tough COVID-19 curbs in December.
Potential measures could include lower down-payment and home purchase requirements, and refined measures to boost developers’ liquidity, analysts have said.
Property stocks listed in mainland China posted modest gains on Tuesday, with the CSI 300 Real Estate Index rising 2.3 per cent.
For all the latest business News Click Here
