Greentown China's stock surged 6.56% on Monday's intraday trading session, outperforming the broader market as Hong Kong property developers rallied on signs of government support for the struggling sector.
The sharp uptick in Greentown's shares came after China Vanke, one of the country's largest developers, received a 4.2 billion yuan ($579 million) loan facility from its state-backed shareholder Shenzhen Metro Group. This financing, designed to help Vanke repay outstanding debt, followed a similar 2.8 billion yuan loan offer last week and highlighted authorities' efforts to shore up the ailing real estate industry.
Investor sentiment was further buoyed by data showing China's new home prices declined at a slower pace in January for the fifth consecutive month. The stabilizing property values reflect the impact of recent policy measures aimed at reviving the sector and arresting a protracted slump that has weighed on the broader economy.
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