Longfor leads HK-listed Chinese property developers' rally on banks' support

China Overseas Land & Investment

24/11/2022 02:28

** Shares of Longfor Group  0960.HK  lead rally in Chinese
property developer, rising as much as 11.1% to HK$20.85, on
course for the biggest daily pct rise since Nov 14, if gains
hold
    ** Stock biggest pct gainer in Hang Seng Index  .HSI  and
fourth biggest gainer in Hang Seng Composite Index  .HSCI  
    ** China central bank on Wednesday issued a notice outlining
16 steps to support the ailing property industry, including loan
repayment extensions, in a major push to ease the deep liquidity
crunch which has plagued the property sector since mid-2020
 urn:newsml:reuters.com:*:nB9N31Y00L
    ** Three of China's biggest commercial banks have agreed to
provide fundraising support to property developers in a
coordinated effort to support the country's embattled property
sector  urn:newsml:reuters.com:*:nL1N32J06N
    ** 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  rise
between 3.4% and 11.1%
    ** Hang Seng Mainland Properties Index  .HSMPI  jumps 4.4%
and the Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  surges 2.1%
    ** The Hang Seng Composite Index  .HSCI  gains 0.5% and the
Hang Seng Index  .HSI  climbs 0.4%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))