HONG KONG: Shares in battered developers rocketed in Hong Kong on Wednesday on investor bets that Beijing will follow up recent pledges to boost the real estate sector with more measures.
A residential complex built by Chinese property developer Country Garden in Nanjing.Shares in battered developers rocketed in Hong Kong on Wednesday on investor bets that Beijing will follow up recent pledges to boost the real estate sector with more measures.
However, many firms have enjoyed a much-needed bounce in the past week as officials, under pressure to prevent the issue worsening, announced a number of policies to provide support to troubled firms.Among them are the lowering of down payments for some mortgages and the introduction of tax incentives for people to purchase, while data has shown home sales rebounding, according to Chinese media reports.
“Right now there is an urgent need to strengthen policy support at points of sale for real estate” to release latent demand, it said.The remarks lifted optimism that more help was in the pipeline, sending property firms in a tear, albeit from very low levels after years of losses.
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