Chinese property stocks rally as banks pledge credit support to developers

China Overseas Land & Investment

24/11/2022 03:06

HONG KONG, Nov 24 (Reuters) - Chinese property shares
jumped on Thursday, after the country's biggest commercial banks
agreed to provide billions of dollars in credit lines to
cash-strapped developers, adding to recent regulatory support
measures to lift the sector out of a deep slump. 
    Stock of China Vanke  2202.HK , Country Garden  2007.HK ,
China Overseas Land  0688.HK , China Resources Land  1109.HK ,
CIFI Holdings  0884.HK  and Greentown China  3900.HK  rose
between 3.4% and 11.1% in Hong Kong.
    A gauge tracking the sector, the Hang Seng Mainland Property
Index  .HSMPI , rose 5.3%.
    Four of China's biggest banks have agreed to provide
fundraising support to property developers, including industry
giants Vanke and Country Garden, in a coordinated effort to
support the embattled property sector.
 (Reporting by Xie Yu; Editing by Sumeet Chatterjee)
 ((Yu.Xie@thomsonreuters.com;))