Shares of WUXI BIO (02269) surged 7.9% on Wednesday, buoyed by signs of recovery in China's property market and optimism over the country's economic growth prospects.
The stock's rally was fueled by data showing residential presales for 30 key cities in China rose a strong 22% last week compared to the previous seven-day period, building on a 58% week-on-week jump in sales recorded earlier. First-tier cities led the nationwide increase, with sales rising 27% last week.
The rebound in property sales, a crucial driver of economic growth, is seen as an encouraging sign following a slew of supportive measures announced by Chinese policymakers since late September to revive the struggling real estate sector. These measures appear to have bolstered homebuyer confidence in the property market.
Analysts expect the recovery in property sales to continue gaining momentum, with industry sales likely to register year-on-year growth in the fourth quarter of 2024. For the full year 2025, some analysts forecast the first positive year-on-year growth in industry sales since 2022, reflecting optimism over the government's efforts to stabilize the crucial property market.
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