In Hong Kong, Logan Group surging more than 10.9% as of 9:55 am local time, CIFI Holdings up 6.3%, Powerlong up 6.2%, KWG Group up …
An index tracking mainland-listed real estate developers, compiled by Wind Information, is trading more than 1% higher. Property developers based in Guangdong province are outperforming, with Shenzhen Zhenye surging by the daily limit of 10% and Shenzhen Special Economic Zone Real Estate and Properties up more than 7%.
“The real estate sector is one of China’s pillar industries and there can’t be big ups and downs,” said Liu Guoqiang, a vice governor of the PBOC, at a press conference on Saturday.
China has introduced some policies to support the real estate sector and is considering more measures, said Vice Premier Liu He at an event on Thursday.
Guangzhou R&F Properties said no security money has been provided for bail of its director Zhang Li.
The billionaire co-founder of Guangzhou R&F Properties Co Ltd is wanted in the US accused of paying kickbacks to obtain permits for a construction project in San Francisco, a court in London heard on Monday.