Shares of China Resources Land, a prominent Chinese property developer, soared 6.86% on Monday after the Chinese government announced a package of stimulus measures aimed at reviving the country's struggling real estate sector.
The measures, unveiled by the People's Bank of China, included a 50-basis-point cut in the reserve requirement ratio for banks, further reductions in key interest rates, and a 0.5 percentage point decrease in existing mortgage rates. These moves are designed to boost lending and support the real estate market, which has been grappling with a debt crisis and weak demand.
The stimulus package was widely welcomed by investors, with Hong Kong-listed Chinese property developers seeing a significant uptick in their stock prices. The Hang Seng Mainland Properties Index rose 1.9%, while the Hang Seng Property Index climbed 1.4%.
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