Chinese property developers firm on hope of more state supports

China Cinda Asset Management

10/02/2022 07:38

** Shares in Chinese property developers extend gains in
late trading on hope of more state supports in the cash-strapped
sector
    ** The Hang Seng Mainland Properties Index  .HSMPI  rises 4%
to the highest since Jan 24, versus a 0.1% gain in the main Hang
Seng Index  .HSI  
    ** Bloomberg News reported Chinese regulators have told
state-owned firms including China Huarong Asset Management Co.
and China Cinda Asset Management Co. to participate in the
restructuring of weak developers, acquire stalled property
projects and buy soured loans
    ** Shimao Group  0813.HK  surges over 10%, its property
services unit  0873.HK  jumps over 14%
    ** Sunac China  1918.HK  rises nearly 10%, while smaller
Shenzhen-based developer Logan Group  3380.HK  gain 9%
    ** Debtwire reported Shimao has received permission from
bank lenders to delay part of its loan payment

 ((clare.jim@tr.com))