© Reuters. FILE PHOTO: Surveillance cameras are seen near residential buildings under construction in Shanghai, China July 20, 2022. REUTERS/Aly Song
C
-2.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
HK50
+4.23%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
HONG KONG (Reuters) – Shares of Chinese property companies soared on Tuesday after the country’s securities regulator lifted a ban on equity refinancing for listed property firms, in the latest support measure for the embattled real estate sector.
Hong Kong’s Hang Seng Mainland Properties Index rose 6.3%. Shares of Country Garden jumped 13.4%, while Longfor, Agile and China Vanke added 7% to 10%.
The China Securities Regulatory Commission (CSRC) said late on Monday it would broaden equity financing channels, including private share placements for China and Hong Kong-listed Chinese developers, lifting a years-long ban.
The latest regulatory measure comes Beijing steps up support for the property sector, a pillar accounting for a quarter of the world’s second-biggest economy. Many developers have defaulted on their debt obligations and have halted construction.
Citigroup (NYSE:C) analysts wrote in a research note on Tuesday the lifting of the ban on equity refinancing was “another significant positive support” for sector’s liquidity and facilitates the introduction of new strategic investors.
Beijing suspended refinancing by listed property firms in August 2009 as part of its attempts to control surging home prices.
Regulators briefly lifted the suspension by granting approval to refinancing requests by a selection of property firms starting from 2013, but imposed back restrictions in 2016 to curb housing prices.
Source: Investing.com