Shares of China Resources Land Co. Ltd. surged 11.69% on Tuesday morning, leading a broader rally in Chinese property stocks after Beijing unveiled measures to support the struggling real estate sector.
The developer's stock climbed to HK$36.90 after the central government relaxed restrictions on home purchases in major cities like Beijing, Shanghai and Shenzhen. These moves, along with other stimulus measures, aim to revive housing demand and prop up the beleaguered property market, which has been a drag on China's economic growth.
China Resources Land was among the biggest gainers as investors cheered the policy tailwinds for the industry. Other major developers such as Longfor Group, China Overseas Land & Investment, and Country Garden Holdings also saw their shares spike, with the Hang Seng Mainland Properties Index jumping 11.1% on the day.
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