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Shares of Chinese mainland property developers stage a rally in Hong Kong, with Logan Group surging nearly 9% and Country Garden up nearly 8%, China Jinmao surging more than 7%, CIFI Holdings up 5%, Yuexiu Properties, Longfor Group and China Resources Land gaining more than 4%.
In the A-share market, an index tracking the real estate sector compiled by Wind Information gained by 1.8% in the morning session, compared to 1% gains for the benchmark Shanghai Composite Index.
Liu Guoqiang, Deputy Governor of the PBOC, at a press briefing on Monday, reiterated that China will ensure reasonable financing needs for the real estate sector and support “rigid” housing demand and the demand for improving housing condition.
Liu said that China has a rich monetary policy toolkit at present as the country implemented normal monetary policy since the COVID-19 outbreak and refrained from a “flood-like” stimulus. Looking forward, “we will strike a balance between stabilizing economic growth, employment and inflation, with effective utilization of policy tools to address risks and challenges,” Liu added.
Acknowledging challenges such as the lack of domestic demand and the COVID-19 impact, officials at the press conference said the Chinese economy is expected to run within an appropriate range as policies to stabilize the economy are gradually taking effect and the country still has adequate policy space to maneuver.
