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Chinese mainland property developers continue rallying in Hong Kong on expectation of more policy easing to support the housing market, with KWG Group surging more than 12%, Powerlong up more than 8%, Logan Group and Longfor Group up more than 6%, Sunac China and Country Garden up more than 5%.
State-run Securities Daily, citing industry expert, said on Wednesday that the authority is expected to provide more supportive policy in June given the weak sales figures in April and May, and some of the policy measures may exceed the scope of conventional policy tools.
One day earlier, the state-run China Economic Times said that the central and local governments are expected to accelerate introduction of policy measures and explore more policy tools in June to support reasonable housing demand and boost market confidence and expectation. In particular, the report called for relaxation of policy curbs in top-tier cities.
In addition, analysts believe that the authorities may cut interest rate and banks’ reserver requirement ratio in the second half of the year to support the economic recovery.
