Sunac China leads rise in distressed developers as Beijing ramps up support

China SCE group

06/02/2024 03:56

** Shares of Sunac China Holdings  1918.HK  jump as much as
6.4% to HK$1.16, on course for the biggest one-day pct gain
since Jan. 25
    ** Distressed Chinese developers get project loan backing as
Beijing ramps up support 
    ** Sunac China, Greenland  600606.SS  and CIFI  0884.HK 
among others said local governments had listed some of their
projects as being suitable for bank loans, following a similar
announcement by Country Garden  2007.HK  at the weekend
    ** But analysts note many banks are in no mood to lend
    ** Meanwhile, Sunac says its January contracted sales value
amounted to 3.76 bln yuan ($522.4 mln), down 48% YoY 
    ** Shares of Greenland, CIFI and Country Garden rise between
1.8% and 3.2%
    ** Hang Seng Mainland Properties Index  .HSMPI  rises 1.9%,
Hang Seng Composite Index on properties and construction stocks
 .HSCIPC  climbs 1% and Hang Seng Index  .HSI  adds 2.1%
    ** Sunac stock down 24% YTD 


($1 = 7.1973 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))