Shares of Chinese developers rose on Monday, with China Vanke Co. shares reaching a six-month high amid expectations that Chinese authorities will introduce additional measures to support the country's falling real estate market, UNN reports with reference to Bloomberg.
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Shares of Chinese developers rose by 3%, the largest increase in a month. Shares of developers, including China Vanke, Sunac China Holdings Ltd. and Longfor Group Holdings Ltd. In Hong Kong, China Vanke shares rose by 16%, Sunac China – by 13%.
Analysts noted that this growth reflects growing expectations of further policy support. Meanwhile, Shanghai announced measures aimed at stimulating housing demand, such as easing restrictions on home purchases in the suburbs.
Additional measures could be taken as early as September, as authorities prepare to accelerate urban renovation projects and support the struggling real estate market, Securities Daily reports, citing an industry expert.