China property shares firm after cenbank pledge, Zhengzhou new measures

Yuzhou group Co

04/08/2023 04:26

** The Hang Seng Mainland Properties Index  .HSMPI  rises as
much as 5% in early trade, before narrowing gains to below 2%  
    ** Country Garden  2007.HK  advances 2.1%, while Sunac China
 1918.HK  and Longfor Group  0960.HK  increase 3% and 4%,
respectively
    ** Smaller peer Yuzhou Group  1628.HK  firms 4%
    ** The People's Bank of China (PBOC) on Thursday met with
eight private firms, including three property developers, and
pledged to guide more financial resources towards the private
economy
    ** Governor Pan Gongsheng said in the meeting that the
central bank would expand debt financing tools for them
    ** Zhengzhou, the capital of central Henan province,
introduced on Thursday evening a package of property support
measures including easing home resale curbs to prop up its real
estate market
    ** On Friday, Zou Lan, head of the monetary policy
department at PBOC, said the central bank would guide banks to
effectively adjust interest rates on outstanding mortgages and
support banks to reasonably control cost of liabilities 
    ** Main Hang Seng Index  .HSI  up 1%

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