US-listed shares of KE Holdings rise alongside China's property stocks

KE Holdings

06/09/2023 10:23

** U.S.-listed shares of real estate services company KE
Holdings  BEKE.K  up 6.2% at $19.01 premarket
    ** China's state media Securities Times called for the
removal of property selling and buying restrictions, as well as
selling price limitations in most of the non-tier 1 cities
    ** BEKE through its subsidiary provides housing sales and
leasing services on its online brokerage platform
    ** Meanwhile, Sunac China led China property stocks higher
on Wednesday after it was included in the Stock Connect program
    ** Chinese government recently unveiled stimulus measures in
the sector that include lowering mortgage rates and preferential
loans for first time buyers    
    ** More support will be needed to stabilize the property
sector, say analysts 
    ** China's real estate sector accounts for roughly a quarter
of the economy and has deteriorated since a government campaign
against high leverage began in 2021
    ** Last Thursday, BEKE shares jumped on upsized buyback,
special cash dividend 

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