Shares of R&F Properties, a leading Chinese property developer, surged 31.82% on September 30, 2024, as the government took decisive steps to revive the struggling real estate sector.
The stock rally came after several major Chinese cities, including Guangzhou, Shanghai, and Shenzhen, announced measures to ease restrictions on home purchases. This move followed the Politburo's recent pledge to halt declines in the housing market and promote economic growth.
Analysts hailed the easing of purchase curbs as a swift start in achieving the central government's target of supporting the oversupplied property market. "We expect more liquidity injections from the central government to help destock the property market and thus fix the oversupply issues, which takes time," said investment bank CLSA in a research note. The brokerage expects the property market to bottom out in the second half of 2025.
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