Shares of Longfor Group, one of China's leading property developers, skyrocketed by 12.95% on Wednesday, as investors rallied around expectations of impending government measures to revive the struggling housing sector.
The meteoric rise in Longfor Group's stock price was part of a broader surge in Chinese property developer stocks, fueled by speculation that a highly anticipated joint briefing by various government agencies on Thursday would unveil new initiatives to breathe life into the beleaguered housing market.
Analysts suggest that the briefing, involving officials from the Housing Ministry, the People's Bank of China, the Finance Ministry, and the National Financial Regulatory Administration, may focus on expanding the "white list" of residential projects eligible for financial support, accelerating local governments' purchases of unsold homes for affordable housing, and reviving the land market.
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