Chinese property developers continue to rally after PBOC governor vowed to step up financial support for private developers

 

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Chinese property developers continue to rally in Hong Kong, with Yuzhou Group surging 8.5%, Midea Real Estate up more than 8%, Times China and Longfor Group up over 7%. 

Pan Gongsheng, Governor of the PBOC, met with private firms including private property developers such as Longfor Group, CIFI Holding and Midea Real Estate, as well as financial institutions.

Pan vowed to expand the instrument for supporting private companies’ bond financing, known as “the second arrow”, and step up the financial market’s support for private companies. 

He urged financial institutions to provide a reliable, high-efficient and convenient financial service to private companies and in particular, he urged financial institutions to implement differential real estate credit policy and meet private property developers’ reasonable financing needs to support the real estate sector’s stable and healthy development. Read more ..