Shares of KE Holdings Inc. (NYSE: BEKE), a leading Chinese real estate platform, surged 6.9% on October 16, 2024, fueled by a combination of factors that boosted investor optimism in the company and China's broader property market.
The rally was driven in part by expectations of potential support measures from Chinese authorities aimed at reviving the country's troubled real estate sector. A joint press conference scheduled for Thursday by the Housing Ministry, the People's Bank of China, the Finance Ministry, and the National Financial Regulatory Administration fueled speculation about new policies or initiatives to provide a lifeline to the struggling property market.
Additionally, KE Holdings' impressive second-quarter results, which exceeded earnings and revenue estimates, further bolstered investor confidence in the company's ability to navigate the current challenges faced by China's property market. The company reported a 19.9% year-over-year increase in revenue, driven by growth in its home transaction services, renovation, and rental divisions.
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