Sunac China Holdings' stock soared 12.04% on Monday, following a broader rally in Hong Kong property shares. The surge is likely driven by renewed investor confidence in the sector after authorities offered financial support to debt-ridden China Vanke Co.
Shenzhen Metro Group Co., Vanke's largest state shareholder, plans to provide a 4.2 billion yuan ($579 million) loan facility to help the developer repay outstanding debt. This follows a 2.8 billion yuan loan offer last week, highlighting the government's continued efforts to stabilize the struggling property market.
Moreover, data showed China's decline in new-home prices eased for a fifth consecutive month in January, suggesting measures to revive the sector are taking effect. With the government's backing and signs of stabilization, investors are becoming more optimistic about the prospects of Chinese property developers like Sunac.
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