Shares of Sun Hung Kai Properties Ltd. (SHK PPT) soared 5.84% on Tuesday, joining a broader rally in Chinese property developer stocks. The surge came after the Chinese government announced measures to relax restrictions on home purchases in major cities, aiming to revive the struggling property market.
In a bid to boost demand and support the real estate sector, Beijing, Shanghai, and Shenzhen have eased rules for homebuyers. This move sparked optimism among investors, driving a surge in property stocks listed in Hong Kong.
SHK PPT, along with other prominent developers like Longfor, China Resources Land, and China Overseas Land, witnessed significant gains. Henderson Land, CK Asset, and New World Development also benefited from the policy changes, with their shares rising between 0.5% and 9.1%.
The Hang Seng Mainland Properties Index and the broader Hang Seng Index rallied 11.1% and 5.3%, respectively, reflecting the positive sentiment surrounding the real estate sector. Analysts expect the easing of home purchase rules to provide much-needed support to the property market, which has been grappling with challenges in recent years.
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