China's developer Shimao jumps to 8-month peak on hope of more support measures

Shimao group

13/05/2024 04:21

** Shares of Chinese property developer Shimao Group
Holdings Ltd  0813.HK  jump as much as 36.5% to HK$1.31, highest
since Sept. 7
    ** Stock on course for third straight session of gain
    ** Stock is biggest pct gainer on Hang Seng Composite Index
 .HSCI  and index tracking properties and construction stocks
 .HSCIPC 
    ** Shimao says its April contracted sales amounted to 2.61
bln yuan ($360.79 mln) and the aggregated contracted sales for
the first four months on 2024 amounted to 10.86 bln yuan 
    ** Support measures from the Chinese government also helped
boost sentiment on property stocks
    ** "To restore confidence in the property sector, Beijing
needs to step in and play the role of spender of last resort,
especially in the property sector," Nomura wrote 
    ** CSI 300 Real Estate Index  .CSI000952  falls 1% and Hang
Seng Mainland Properties Index  .HSMPI  eases 0.5%
    ** Hang Seng Composite Index  .HSCI  climbs 0.9%, index
tracking properties and construction stocks  .HSCIPC  gains 0.5%
    ** Stock up 83.1% YTD  


($1 = 7.2341 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))