August 09, 2024 02:46 GMT
Chinese Property Stocks Jump On Shenzhen Plan
ASIAN MARKETS
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Chinese property stocks are outperforming the wider market today following news other cities may adopt Shenzhen's plan to purchase unsold homes after being the first tier 1 city to do so. Swire Properties also reported strong 1H results on Thursday, with equity rising over 10% which was also help by the company proposing HK$1.5b share buyback.
- (BBG) Shenzhen to Acquire Unsold Properties for Affordable Housing - (see link)
- Major property benchmarks are all higher today with the Mainland Property Index +3.10%, HS Property Index +2.60%, CSI 300 Real Estate Index +3.50% and the BBG China RE gauge jumping 4.5%
- It should be noted that the benchmark indices are still well and truly lower this year with many trading at all time lows or close to.
- Bonds for some of the major developers are flat to 1pt higher.
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