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Shares of Chinese property developers staged a strong rally, with an index tracking mainland-listed developers, compiled by Wind Information surging 3.7%, making it one of the best-performing sectors in the A-share market.
In Hong Kong, KWG Group is surging 17.6%, Central China up 12.3%, Seazen jumping 11.4%, Times China up 11.1% and Logan Group up 10%.
The Chinese yuan strengthened significantly on Tuesday, with the onshore yuan firming by 300 pips intraday to return to 7.2050 per dollar after hitting 7.24 per dollar at one point. It’s said that major Chinese state-owned banks sold US dollar in the offshore spot foreign exchange market.
TF Securities said in a note that as the real estate sector weakened further in the second quarter of the year, a new round of favourable policies are likely around the corner, and the sector, after previous corrections, is likely to see rebound.