Shares of China Resources Land Co. Ltd. soared by 12.74% on Tuesday, leading a broader rally in Chinese property stocks after Beijing unveiled a series of measures to support the struggling real estate sector.
The developer's stock surged to HK$36.90 after the central government announced the relaxation of 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.
The rally in property stocks was driven by investor optimism surrounding the policy tailwinds for the industry. China Resources Land was among the biggest gainers, with other major developers such as Longfor Group, China Overseas Land & Investment, and Country Garden Holdings also witnessing sharp increases in their share prices. The Hang Seng Mainland Properties Index jumped a staggering 14.88% on the day, reflecting the broader sentiment shift.
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