Shares of China Vanke Co. Ltd. surged 7.4% on Thursday, closing at HK$22.85 in Hong Kong, as the property developer benefited from a broad rally in the city's real estate stocks following new measures to bolster the struggling housing market.
The Hong Kong Monetary Authority unveiled a package of initiatives aimed at encouraging property purchases, including relaxing mortgage lending policies and increasing the supply of land for housing development. The move comes as home prices in the city have fallen amid rising interest rates and weakening demand.
The measures provided a much-needed boost to Hong Kong's property sector, with major developers like China Vanke, Sunac China Holdings, and Hopson Development all recording substantial gains. Investor sentiment was further bolstered by positive economic data from China, including better-than-expected GDP growth in the third quarter.
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