KE Holdings jumps on upsized buyback, special cash dividend

KE Holdings

31/08/2023 15:03

** U.S.-listed shares of Chinese property platform KE
Holdings Inc  BEKE.N  rise 17% to $18.41
    ** Co plans to buy back $2 bln of its shares by August 2024,
up from $1 bln stock buyback announced last year
    ** With $41 mln shares already purchased, co has $1.61 bln
shares available until next year
    ** Co also announces a special cash dividend of $0.057/shr
or $0.171/ADS to shareholders as of close of Sept 15
    ** China's central bank and financial regulator on Thursday
said they would lower the existing mortgage rate for first-home
buyers from Sept. 25 to revive a property market that is
struggling amid a debt crisis and liquidity crunch
    ** "Consumer demand in the residential services sector has
largely pivoted from 'home purchase' to 'better living'" - CEO
Stanley Yongdong Peng
    ** The company "successfully leveraged" the recovery in
China's housing market in Q2 - CFO Tao Xu
    ** In Q2, net revenue jumped 41.1% to 19.5 bln yuan ($2.69
bln), while net income narrowed to 1.30 bln yuan vs net loss of
1.87 bln yuan
    ** YTD, BEKE up 12.2% vs 15.6% gain in the S&P 500  .SPX 


($1 = 7.2579 Chinese yuan renminbi)

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))