Country Garden leads rise in HK-listed Chinese developers on hopes of policy support

China Overseas Land & Investment

06/01/2023 05:31

** Shares of Country Garden Holdings  2007.HK  lead rise in
Hong Kong-listed Chinese property developers, rising as much as
7.7% to HK$3.08, their highest level since Dec. 12
    ** Stock set for its biggest daily pct rise since Dec. 9, if
gains hold; biggest pct gainer in the Hang Seng Property Index
 .HSNP  and second biggest pct gainer in the Hang Seng Index
 .HSI 
    ** China property sector set for modest demand recovery in
2023 on policy support, with economists and analysts believing
policymakers will roll out more measures to stimulate home
demand this year  urn:newsml:reuters.com:*:nL1N33R053
    ** Property sales are expected to slip by a median of 8%
this year, a Reuters survey showed, compared to a slump of
around 25% in 2022, as economic activity, household income and
consumer confidence are seen rebounding in the second half
    ** Shares of Longfor  0960.HK , China Resources Land
 1109.HK , China Overseas Land  0688.HK , Agile Group  3383.HK 
and Hopson Development  0754.HK  rise between 2.7% and 6.9% 
    ** The Hang Seng Property Index  .HSNP  gains 0.3% and the
Hang Seng Mainland Properties Index  .HSMPI  up 1.9% 
    ** The Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  climbs 0.5%, the benchmark Hang
Seng Index  .HSI  up 0.3%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))