SUNAC, a major Chinese property developer, saw its stock soar by 23.21% in the afternoon trading session on Wednesday. This significant surge in SUNAC's share price was driven by reports that Chinese authorities are exploring a plan to provide financial support to struggling property developers like SUNAC.

According to the reports, Chinese regulators are considering allocating approximately $6.8 billion (50 billion yuan) to help developers repay their public and private debts. As part of this plan, around $2.7 billion (20 billion yuan) in special local government bonds could be issued to purchase unsold properties and vacant land from developers like SUNAC.

The proposed funding plan also involves allowing property developers to access additional financing sources, such as new bond sales and bank loans, to facilitate debt repayments. This news ignited a rally in the share prices of several Chinese property developers, with SUNAC's stock surging by 20%, reflecting investors' optimism about the potential relief measures.