Shares of KE Holdings Inc. (BEKE), a leading integrated online and offline platform for housing transactions and services in China, soared by 9.89% on Thursday, October 18, 2024. The surge was driven by a combination of a positive analyst recommendation and broader market optimism following the Chinese government's measures to support listed companies and share buybacks.
In a note released on Thursday, analysts at OCBC highlighted KE Holdings as one of the few Chinese property stocks worth holding amid structural challenges in the country's housing market. The analysts cited BEKE's strong business model and resilience in the face of industry headwinds as key reasons for their recommendation, suggesting investors should switch to higher-quality names like KE Holdings.
Furthermore, the People's Bank of China announced a specialized re-lending facility worth 300 billion yuan ($42.1 billion) to provide low-cost loans to commercial banks that lend to qualified companies and shareholders for share buybacks. This move, along with a swap facility allowing institutional investors to access liquidity for stock purchases, boosted market sentiment and drove a broad rally in Chinese ADRs and ETFs, including the significant gain for BEKE.
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