Chinese property developers rally amid improving sentiment on real estate financing
Chinese property developers rally amid improving sentiment on real estate financing

Chinese property developers rally amid improving sentiment on real estate financing

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Shares of Chinese property developers stage of strong rally amid improving market sentiment on real estate financing.

Shares of Chinese property developers stage a rally in Hong Kong, with CIFI Holdings surging 12.3% as of 10:40 am local time, Powerlong up 11.8%, Greentown China up 11.2% and Longfor Group up 10.8%.

In China’s A-share market, an index tracking the real estate sector, is surging 3.8%, making it one of the best-performing sectors and compared to 0.3% gain for the benchmark Shanghai Composite Index.

CIFI Holdings plans to issue no more than 2 billion yuan of three-year notes, which will be guaranteed by in full amount by the China Bond Insurance Co., reported Chinese property developer The Paper. The proceeds will be used for project construction, repayment of domestic interest-bearing debt.

The Guangzhou branch of the PBOC has reportedly guided financial institutions under its supervision to provide offshore financing to quality property developers backed by a domestic guarantee, involving over 2.8 billion yuan of funding. Read more …