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Chinese real estate service platform Beike surged up to more than 22% to hit HK$49.7 at one point, marking the highest level in more than one months, before paring gains to 19.7%.
Beike posted a net profit of 4.056 billion yuan in the first half of the year based on the US GAAP, compared to a net loss of 2.486 billion yuan in the same period last year. It declared a special dividend of $0.057 per share..
The company’s board of directors has approved the upsizing and extension of its share repurchase program. In August 2022, Beike established a share repurchase program to purchase up to $1 billion of Class A ordinary shares and/or ADSs over a 12-month period.
In the period of September 2022 – August 2023, it purchased about 41 million ADSs in the open market for about $605 million. The board has approved upsizing of the share repurchase program from $1 billion to $2 billion and extended it until August 31, 2024.
In addition, the Chinese government have been introducing policy measures to support the housing market. The four largest cities have relaxed a home mortgage policy, to allow home buyers to enjoy preferential loans for first-home purchases regardless of their previous credit records. Read more …
Last week, 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 …
