Stock Track | China Resources Land Soars 5.01% on Signals of Government Support for Property Sector
China Resources Land's stock soared 5.01% in intraday trading on Thursday, outperforming the broader market. This surge came after signals from the National People's Congress meeting that the Chinese government is determined to stabilize the property market.
According to a research note from Citi analysts, the government work report mentioned the need to "effectively mitigate property firms' debt default risks" for the first time. This indicates a supportive stance and authorities' determination to stabilize the sector.
Citi sees this as a "positive signal" for the property market, particularly for companies like China Resources Land that are likely to benefit from local government support. The analysts believe that stabilizing home prices in major cities is crucial for domestic demand and consumer confidence.
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