Sunac China Holdings Ltd. saw its stock price surge 9.78% on September 19, riding the wave of optimism surrounding potential policy easing measures from the Chinese government in the wake of the Federal Reserve's interest rate cut.
Chinese property stocks rallied sharply on Thursday, with the Hang Seng Mainland Properties Index, which tracks Chinese property developers listed in Hong Kong, climbing 5.1%. This came after the Federal Reserve announced a half-percentage-point rate cut overnight, providing the People's Bank of China with more flexibility to cut rates without excessively impacting yuan stability.
Investors are now eagerly anticipating the PBOC's announcement of lower loan prime rates on September 20. A potential domestic mortgage rate cut could provide a much-needed boost to the recovery of home transaction volume in China, which has been weighed down by subdued consumer sentiment and weakening confidence in the economy.
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