Country Garden leads China developers higher as regulators urge more support

Midea Real Estate Holding

14/11/2022 02:21

** Shares of Country Garden  2007.HK  lead rally in Chinese
property developers, soaring as much as 51.8% to HK$3.40 in
their biggest daily pct gain since debut in April 2007 as 
regulators outline new financing package
    ** Stock hit highest since July 27, set for seventh
consecutive session of rise; fifth most actively traded stock by
turnover 
    ** Chinese regulators have told financial institutions to
extend more support to property developers including loan
repayment extensions, to shore up the country's struggling real
estate sector, two sources with direct knowledge of the matter
said on Sunday  urn:newsml:reuters.com:*:nL1N32902C
    ** "We expect positive share price reactions in the short
term, but a more sustainable rally will depend on proof of sales
recovery," J.P Morgan wrote in a research note, adding share
price strength may continue upon stronger policy support
    ** Stock of Agile  3383.HK , Longfor  0960.HK  CIFI Holdings
 0884.HK , and Guangzhou R&F Properties  2777.HK , surges
between 21.7% and 35.7%
    ** China Jinmao  0817.HK , Green Town China  3900.HK  and
Midea Real Estate  3990.HK  up between 9.8% and 29% 
    ** Hang Seng Mainland Properties Index  .HSMPI  jumps 14.1%
and Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  rises 6.8%
    ** Hang Seng Composite Index  .HSCI  rises 2% and Hang Seng
Index  .HSI  up 1.8%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))