October 28, 2024 03:13 GMT
CHINA STOCKS: China Property Sales Surge, Property Indices Higher
CHINA STOCKS
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- Sales of existing homes have surged in China's major cities, driven by supportive policies that have improved market sentiment. Beijing saw a 21% m/m increase in signed property deals, with 12,979 units sold by October 26. Shenzhen recorded over 4,800 deals, the highest ever, while Shanghai's transactions rose 50% m/m, totaling 14,385 units in the first 20 days of October. Across 16 major cities, home sales reached 54,000 units, up 11% from the previous month. Property-boosting measures implemented since late September are expected to continue driving sales, particularly in first-tier cities.
- BBG China Property Developers Index is 2.70% higher today with CIFI rising 8.7%, China Fortune +8.40%, Greentown China up 6.5%, and China Vanke gaining 3.3%.
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