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China Evergrande Group is surging more than 26% after skyrocketing nearly 83% one day earlier. Sunac China is jumping more than 18% after rallying 68% in the previous trading day.
China’s four tier-one cities have announced the policy to use homeownership instead of mortgage records for recoginizing first-home mortgage qualification, which is believed to make more homebuyers to be viewed as first-time home buyers and enjoy lower downpayment requirement and mortgage rates, and boost home demand. After the four cities’ announcements, a number of smaller cities have announced similar moves.
In addition, China’s financial regulators cut the down-payment requirements for first- and second-time home buyers and lowered rates on existing mortgages, in a major move to halt a slump in the country’s residential property market. Read more …
JPMorgan expected that property sales and supportive policy will become the main drivers of share prices for the rest of the year. Read more …
The strength of real estate policy adjustments has exceeded expectations and the policies are expected to drive sales recovery in key 1st- and 2nd-tier cities, CICC said. China’s new home sales have rebounded for three consecutive weeks and both new home and second-hand home sales in August saw flat changes week-on-week and a narrowing year-on-year decline, it noted.
