Shares of China Vanke, one of the country's largest property developers, soared by 18.93% on Wednesday, leading a broad rally in the real estate sector as investors pinned their hopes on an upcoming government briefing aimed at boosting the struggling housing market.
The surge in Vanke's stock price came amid choppy trading in Chinese stocks, with the Shanghai Composite Index edging up 0.4% and the blue-chip CSI300 Index dipping 0.2%. However, property stocks were a bright spot, with the CSI real estate index jumping 4.5% and Hong Kong-listed mainland property stocks climbing 5.2%.
Investors are eagerly awaiting a press conference on Thursday, where Chinese authorities are expected to discuss measures to promote the "steady and healthy" development of the property sector. This has fueled expectations of further policy easing and stimulus measures to underpin a recovery in the housing market and broader economy.
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