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Chinese Property Names Soar After Policy Support, HK GDP Tomorrow

ASIA STOCKS

Hong Kong & Chinese equities are higher today. Hong Kong returns from a day break for Buddha's birthday. Property names have been the focus today and have surged higher on the back of news released yesterday around the proposal for local government will be set to buy unsold Chinese homes from distressed builders, the China property stocks gauge is up over 13% at the moment.

  • Hong Kong equities are mostly higher today, the property sector is surging with the Mainland Property Index up 5.74%, and is now up 37% from Apr lows, the HSTech Index opened lower on mixed corporate earnings, but has since erased those loses and trade up 1.05%, while the HSI is up 1.59%. In China markets, the CSI300 Real Estate Index is up 3.55%, well above the CSI300 Index which is trading up just 0.78%, elsewhere CSI1000 is up 0.54% while the ChiNext is up just 1.14%
  • (MNI) China Press Digest May 16: LPR, Housing Stocks, CSRC - (See link)
  • In the property space, as reported on Wednesday China is looking into a proposal which would allow local governments to purchase unsold homes from distressed property developers, authorities of the Lin’an district in China’s Hangzhou city has decided to buy apartment buildings and to use as public rental housing, as per BBG
  • (BBG) - China Property Stocks Gauge Jumps on Proposal for Home Purchases - (See link)
  • Looking ahead, Chinese Industrial Production & Retail Sales and Hong Kong GDP on Friday
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