HONG KONG: China property stocks listed in Hong Kong jumped nearly 8 per cent on Tuesday (Jun 6) as investors clung to hopes that Beijing would roll out supportive measures soon to bolster the
embattled sector.
Shares of major developer Longfor Group surged 11 per cent while defaulted peers Sunac China and KWG Group gained 12 per cent and 18.6 per cent, respectively, versus a 1.2 per cent rise in the broader Hang Seng Index.
Investors’ hopes to see further national stimulus policies increased last Friday after several second-tier cities announced their own
supportive measures.
The property sector, once a pillar of economic growth, slumped sharply last year with developers defaulting on debt or bonds and suspending construction of presold housing projects.
