Shares of China Resources Land, a leading real estate developer in China, skyrocketed by 11.11% on September 30th, riding on the wave of optimism surrounding the easing of home purchase restrictions in major Chinese cities.
The move to relax curbs on home purchases comes as part of Beijing's stimulus package aimed at reviving the country's battered property sector. Major cities like Shanghai, Guangzhou, and Shenzhen have announced measures to support housing demand, including reducing down payment requirements and offering subsidies for first-time buyers.
The policy shift has been a boon for Chinese property stocks, with China Resources Land among the top gainers. Analysts expect the relaxed measures to boost home sales and provide much-needed relief for developers struggling with high debt levels and sluggish demand. The company's stock soared to HK$28.50 during the trading session, reflecting investors' renewed confidence in the sector's recovery prospects.
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