Shares and bonds in Chinese real estate companies rose sharply on Monday as a sweeping plan by Beijing to support the property market was interpreted as a critical moment in arresting the decline of the debt-ridden sector.
The Hang Seng Mainland Properties index closed 13 per cent higher in Hong Kong. Shares in Country Garden, one of China’s biggest developers, gained more than 36 per cent, while several of the group’s dollar bonds surged nearly 50 per cent.
Details of the 16-point plan from the People’s Bank of China and the China Banking and Insurance Regulatory Commission were reported by the Financial Times on Sunday.
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