Chinese property developers’ shares continue to rally in Hong Kong, with Powerlong surging more than 16% in, R&F Properties up nearly 12%, Logan Group up 10% and KWG Group up more than 9%, Country Garden up 4.7%.
An increasing number of Chinese cities have recently removed all restrictions on home purchases and resales and some major cities lowered downpayment requirement for first-home buyers, in a effort to prop up the sluggish housing market.
According to a survey by real estate research firm China Index Academy, homebuying intentions across the country increased by 15 percentage points after the policy adjustments, led by the four tier-one cities, with Beijing and Shanghai seeing improvements of 20 percentage points.
CITIC Securities said in a note that recent real estate policies able to stabilise China’s property market; home prices in 1st/2nd cities to stop quarter-on-quarter drop in Q4. Read more …
Country Garden’s creditors voted in favor of a three-year extension plan for six onshore bonds, which help ease market concerns over the sector’s liquidity condition. Read more …
