Chinese property shares are set to experience a bull market for the first time this year due to the government's renewed efforts to increase housing demand and strengthen developer finances. A Bloomberg Intelligence gauge that tracks the industry increased by as much as 3% on Monday, up more than 20% from its low on July …
Chinese property shares are set to experience a bull market for the first time this year due to the government’s renewed efforts to increase housing demand and strengthen developer finances. A Bloomberg Intelligence gauge that tracks the industry increased by as much as 3% on Monday, up more than 20% from its low on July 24. Leading the group with increases of over 10% each are Guangzhou R&F Properties Co. and Yuexiu Property Co. The gains built on a surge that began last week as Chinese leaders reaffirmed their commitment to boosting private spending and lowering housing restrictions in order to resuscitate a faltering economy. Since then, officials have continued to express their support by calling for banks to loosen their limitations on real estate purchases and pledging to guarantee developers’ reliable access to the capital markets. Meanwhile, officials in a number of cities, including Beijing and Shenzhen, have sworn to heed the leadership’s request for improving property policies, indicating that softening measures are on the way, according to a report in the Securities Times on Monday.
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