Shares of KE Holdings Inc. (BEKE), a leading Chinese real estate services platform, surged 12.55% in pre-market trading on September 30, 2024, as the company benefited from China's measures to revive the struggling property sector.
China announced several stimulus initiatives over the weekend aimed at boosting the real estate market, which has been grappling with a liquidity crisis and slumping demand. The People's Bank of China announced that homeowners can renegotiate the terms of their mortgages, potentially lowering borrowing costs on up to $5.3 trillion in loans.
Additionally, major Chinese cities like Guangzhou, Shanghai, and Shenzhen eased restrictions on home purchases, allowing more buyers to enter the market and removing limits on the number of homes owned. These measures are expected to bolster housing demand and provide relief to the troubled real estate industry.
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