Shares of Sun Hung Kai Properties Ltd. (SHK PPT) and other Chinese property developers soared on Tuesday, fueled by the Chinese government's decision to relax restrictions on home purchases in major cities like Beijing, Shanghai, and Shenzhen.
The policy move, aimed at reviving the struggling real estate sector, sparked optimism among investors, driving a broad rally in property stocks listed in Hong Kong. SHK PPT surged 7.54%, while other prominent developers such as Longfor, China Resources Land, and China Overseas Land witnessed significant gains ranging from 9.8% to 17%.
The Hang Seng Mainland Properties Index, which tracks Chinese property stocks, soared 11.1%, and the broader Hang Seng Index rallied 5.3%, reflecting the positive sentiment surrounding the real estate market. Analysts expect the easing of home purchase rules to provide much-needed support to the property sector, which has been grappling with challenges in recent years.
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