China property shares jump on policy support hopes

KWG group

20/07/2023 05:05

** Shares in China property developers listed in Hong Kong
 .HSMPI  rise more than 3% 
    ** Major company Country Garden  2007.HK  and Longfor Group
 0960.HK  climb over 4%
    ** Seazen  1030.HK  gains 5.2%, while defaulted KWG Group
 1813.HK  jumps 8.3%
    ** Bloomberg News reported Chinese authorities are weighing
scrapping rules that disqualify people who even have their
mortgage fully repaid from being considered a first-time
homebuyer in major cities
    ** The market is awaiting the Politburo meeting later month
in hope that policymakers will announce more supportive measures
    ** The property sector, a key pillar of China's economy, is
struggling to stabilize from weakening sales and investment and
company defaults despite previous rounds of policy supports
    ** Property sales between June and May showed the largest
monthly drop this year, based on sales by floor area, and
investment in property also slumped 
    ** The main Hang Seng Index  .HSI  edges up 0.3%

 (Reporting by Clare Jim)
 ((Clare.jim@tr.com))