China property shares jump on improved sales, policy support hopes

Logan

04/01/2023 03:24

** Shares in China property developers firm on
forecast-beating December sales and market rumours that
regulators are mulling more supportive policies to bolster the
housing sector, traders say
    ** The Hang Seng Mainland Properties Index  .HSMPI  jumps as
much as 6.5% to the highest since Dec. 9
    ** CIFI Holdings  0884.HK  gains 12%, Greentown China
 3900.HK  rises 10% and Logan Group  3380.HK  adds 9% 
    ** China real estate information provider CRIC expects Dec
sales of some Hong Kong-listed developers to increase around 35%
from Nov, beating expectations 
    ** Traders said new supportive measures could include
relaxing the Three Red Line policy and scrapping restrictions on
first home purchase
    ** The property sector posted weak sales and saw many
company defaults last year
    ** Regulators introduced extensive measures in November to
boost liquidity in the sector in a policy turn, and analysts
expect more supportive policies to come 
    ** Hang Seng Index  .HSI  is up 2%
 ((clare.jim@tr.com))