Real Estate

Chinese real estate stocks rise as Beijing extends property support measures

Products You May Like

A crane with the China Vanke logo at a residential construction site in China, on Sept. 28, 2021.
Qilai Shen | Bloomberg | Getty Images

Chinese real estate stocks mostly rose after the country announced it will extend two financial policies to support the real estate market until the end of 2024.

Hong Kong-listed real estate stocks saw large gains. Logan Group led the sector, advancing almost 3%, while Country Garden Holdings climbed about 0.67%, and China Vanke Co gained 1.2%. However, the CSI 300 Real Estate Index fell 0.44%, paring gains from earlier.

Stock Chart IconStock chart icon

Reaction from Chinese banks were muted. Hong Kong-listed shares of China Construction Bank were flat, ICBC was up 0.28% and Bank of China also flat.

In November, China’s financial authorities rolled out a 16-step guideline to shore up its housing sector, and “relevant policies” will now be now extended to the end of 2024, the People’s Bank of China announced.

Xinhua reported that the move is to “guide financial institutions to continue deferring loan payments for real estate enterprises, while propping up financial support for the real estate enterprises to ensure the delivery of housing projects.”

Products You May Like

Articles You May Like

Gen Z, millennial retail investors are tapping into ETFs, report finds. Here are things to watch out for, expert say
NBA, Warner Bros. Discovery agree to settle lawsuit over live game rights
Intuit shares drop as quarterly forecast misses estimates due to delayed revenue
Wall Street analysts tout our 2 cybersecurity stocks ahead of quarterly earnings
Thanksgiving meals are expected to be cheaper in 2024 as turkey prices drop

Leave a Reply

Your email address will not be published. Required fields are marked *