Chinese real estate stocks rise as Beijing extends property support measures

Real Estate

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.”

Articles You May Like

Russia halts foreign exchange trading as US sanctions sow confusion
Here are 9 stocks that can benefit from Fed interest rate cuts
Lawmakers urge new path forward for transit agencies
Why Macron went all in against Le Pen
Fed’s Mester sees inflation risks to upside despite better data