Shares of CM Bank (03968) soared 6.56% on Tuesday, propelled by the People's Bank of China's announcement of a comprehensive stimulus package aimed at reviving the struggling property market and supporting the banking sector.

The Chinese central bank unveiled a slew of measures to boost liquidity and lending in the economy, including a 50 basis point reduction in banks' reserve requirement ratio and a 20 basis point cut in the seven-day reverse repo rate. These moves are expected to increase liquidity in the banking system and promote lending, thereby supporting economic growth.

Notably, the central bank also announced plans to lower the minimum down-payment ratio for second home purchases to 15%, aligning it with the requirement for first homes. This measure, coupled with plans to expand funding for banks to extend loans for unsold properties, is widely expected to boost housing demand and support the ailing real estate sector. Additionally, China will cut rates on existing mortgages by around 50 basis points on average, bringing them closer to rates on new mortgages, further stimulating the property market.