China has teased how it might fix its property crisis. Markets are loving it [CNN]
![CNN](../../../Content/images/providers/CNN.png)
ING Group, N.V. (ING)
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Source: CNN
property crisis. Hong Kong's benchmark Hang Seng Index closed up 1.6%, hitting its highest level since August. The index has rallied nearly 30% from its January low, having entered a bull market earlier this month. Property developers, which were up 3.1% on average, led the way. Longfor Group, the ninth largest homebuilder in China, surged 11%, becoming the top performing stock on the Hang Seng Index. Sunshine 100 China Holdings, a Beijing-based developer, soared 127%, the best performer on the broader market. The rally comes after a district in the megacity of Hangzhou announced that the government would directly purchase unsold residential homes from the market and convert them into affordable housing. The announcement reinforced expectations that the Chinese government is considering a proposal to have local governments across the country buy millions of unsold homes, dubbed a “major solution” by Chinese media for the crisis-ridden property sector. Adding to the expect
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