Chinese property developers stage a rally in Hong Kong after Chinese financial regulators pledged further support for the real estate sector. Times China is surging 5.8%, CIFI Holdings up 5.3%, Agile Group up 5.1%, Sunac China up 5%.
The PBOC, the State Administration of Financial Regulation and the China Securities Regulatory Commission (CSRC) held a meeting with financial institutions on Friday to have discussions about real estate financing, credit expansion and resolving local government debt risks.
In particular, the regulators pledged to ensure financing support for the property sector and said financial institutions should meet reasonable financing needs of property firms, refraining from withdrawing or cutting off loans to them, continue to support developers’ bond financing and support them to conduct reasonable equity financing.
Recent efforts to stabilise financing for the real estate sector via bank credit, bonds, and equity are gaining traction, they said. Read more …
In addition, Sunac China surged as much as 11% in Hong Kong on the progress in offshore bond restructuring.
Sunac said in a stock exchange filing on Friday that it expected all conditions of the offshore debt restructuring plan to be satisfied on or prior to Monday, November 20th and the restructuring effective date will occur on the day.