Country Garden leads rally in property groups as China opens up funding avenues

China Overseas Land & Investment

29/11/2022 03:07

** Country Garden  2007.HK  leads rally in major Chinese
property developers, rising as much as 14% to HK$3.33, their
highest since Nov 15
    ** Stock is the second-biggest pct gainer in Hang Seng
property sub-index  .HSNP  and the third-biggest in Hang Seng
Index  .HSI 
    ** China's securities regulator said it would allow China-
and Hong Kong-listed Chinese property developers to sell
additional shares to acquire real estate assets, replenish
working capital, or repay debts, lifting a ban on such
refinancing to help stabilize the economy  urn:newsml:reuters.com:*:nL1N32O0U1
    ** The regulator said the new measures will help improve the
balance sheets of quality developers, help transform the
property sector, and prevent risks
    ** Stocks of CIFI  0884.HK , Hopson  0754.HK , Longfor
 0960.HK , China Resources Land  1109.HK , China Overseas Land
 0688.HK , China Vanke  2202.HK  and Agile Group  3383.HK  rise
between 5% and 7.2%
    ** Smaller rivals Guangzhou R&F Properties  2777.HK  and
Jiayuan International  2768.HK  jump more than 14% 
    ** Citi wrote in a research note that the lifting of the ban
on equity refinancing was another significant positive support
for sector's liquidity 
    ** Hang Seng Mainland Properties Index  .HSMPI  jumps 7.9%,
Hang Seng property sub-index  .HSNP  surges 4.2%, and Hang Seng
Index  .HSI  rises 3.8%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))