New rules boost China property shares but could miss the mark, analysts say [Yahoo! Finance]
LONGFOR GRP HLD UNSP/ADR (LGFRY)
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Source: Yahoo! Finance
support the embattled real estate industry, but few market participants expected them to overcome banks' reluctance to lend. Authorities eased rules for bank loans on commercial property on Wednesday as they sought to ease a liquidity crunch that real estate firms have grappled with since mid-2021, when the government first sought to rein in ballooning debt. This week's new measures included allowing developers to use the loans to repay existing loans and bonds, while raising the amount they can borrow to 70% of the appraised asset value, from half earlier. China's CSI 300 Real Estate Index jumped more than 5.7%, while Hong Kong's Hang Seng Mainland Properties Index firmed 3.3% in afternoon trade. Guangzhou R&F Properties surged 17% and Sino-Ocean Group rose more than 12%, while two of the largest private developers, Country Garden and Longfor Group, both gained more than 4%. Although property developers and analysts welcomed the new measures, they were sceptical about their
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News
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- Hong Kong stocks rally as Nikkei 225 falls [MarketWatch]MarketWatch