Shares of GEELY AUTO (00175) jumped 9.06% on Thursday, as the Hong Kong stock market rallied on signs of improving prospects for China's property sector, a key driver of economic growth.
The Hang Seng Index gained 1% by midday, paring its weekly decline to 0.4%. GEELY AUTO climbed 8.8%, among the biggest gainers, as data showed home presales in 30 major Chinese cities surged 22% last week compared to the prior seven-day period.
Analysts attributed the rebound in home sales to a series of supportive measures unveiled by Beijing since late September to boost the struggling property market. Raymond Cheng, managing director at CGS International Securities, said the strong policy tailwinds have markedly improved homebuyer confidence in China.
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