Chinese property shares are poised to enter a bull market for the first time this year on continued optimism about authorities’ fresh efforts to boost housing demand and improve developers’ finances.
A Bloomberg Intelligence gauge tracking the sector rose as much as 3% on Monday, marking a gain of more than 20% from a July 24 low. Leading the pack are Guangzhou R&F Properties Co. and Yuexiu Property Co., with each jumping more than 10%.
The gains extended a rally from last week after Chinese leaders made stronger pledges to revive an ailing economy by stimulating private consumption and easing housing curbs. Officials have since followed up with a further show of support, such as urging banks to loosen property purchase restrictions and vowing to maintain stable capital market access for developers.
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