Shares of Chinese property developers listed in Hong Kong surged on Thursday, with China Resources Land (01109) soaring over 20%, after reports that China's top leaders pledged to support the struggling housing market and boost the economy.
During a Politburo meeting, Chinese leaders vowed to push to hit the 2024 economic growth target and stop declines in the housing market, according to state media reports. The Politburo stated that necessary fiscal spending would be guaranteed, and the country would make good use of special sovereign bonds and local government special bonds to support government investment.
The news provided a significant boost to the battered real estate sector, which has been grappling with a prolonged downturn and tighter regulations. Alongside China Resources Land, other major developers like Longfor Group, China Overseas Land, and Yuexiu Property also witnessed substantial gains, with Longfor surging as much as 25.5% at one point.
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