Shares of Hong Kong-listed Chinese property developers soared on Thursday, led by a 22.65% surge in China Resources Land, after reports that China's top leaders pledged to support the struggling housing market and boost the economy.
During a Politburo meeting, Chinese leaders vowed to push to hit the 2024 economic growth target and stop declines in the housing market, according to state media reports. The Politburo stated that necessary fiscal spending would be guaranteed, and the country would make good use of special sovereign bonds and local government special bonds to support government investment.
The news provided a significant boost to the battered real estate sector, with Longfor Group soaring as much as 25.5% at one point, while China Overseas Land and Yuexiu Property also witnessed substantial gains of around 13% and 12.6%, respectively.
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