China's top cities to adopt centralised land-sale system, sending shares of leading property developers soaring

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Shares of mainland real estate developers surged on Thursday on report that the Chinese authorities plan to adopt a centralised land-sale system in top cities this year, part of efforts to help lower acquisition costs and improve their gearing.

China Resources Land jumped 11 per cent to HK$36.65, leading the charge among peers listed in Hong Kong. China Overseas Land and Development and Country Garden climbed more than 7 per cent. A gauge tracking mainland-listed homebuilders surged 6.2 per cent, with China Vanke and China Fortune Land surging by the daily limit . . .

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