Sunac China Holdings Ltd. saw its stock price surge 9.78% on September 19, as Chinese property stocks rallied sharply amid expectations of policy easing from Beijing following the Federal Reserve's half-percentage-point interest rate cut overnight.
The Hang Seng Mainland Properties Index, which tracks Chinese property developers listed in Hong Kong, climbed 5.1% on Thursday. Investors are now eagerly anticipating the People's Bank of China to announce lower loan prime rates on September 20, which could provide a much-needed boost to the recovery of home transaction volume in China by potentially lowering domestic mortgage rates.
However, analysts caution that it may take longer to see a clear recovery for the Chinese property sector, which has been mired in a downturn for the last few years. Subdued consumer sentiment and weakening confidence in the economy continue to weigh on demand for homes in China, despite an ambitious rescue package unveiled by the government in May to address the property sector's malaise.
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