Shares of Yuexiu Property surged by 22.64% on Tuesday, reaching a significant high after the Chinese government announced measures to boost the struggling property market. The stock's rally was led by Beijing's decision to relax restrictions on home buying, following similar moves by Shanghai and Shenzhen.
The easing of home purchase rules, combined with additional stimulus measures, has sparked investor optimism and fueled a broader rally in the Hong Kong-listed Chinese property developer stocks. Yuexiu Property emerged as one of the biggest gainers, closing at HK$7.50, its highest level since November 29, 2022.
The property sector's resurgence was widespread, with Longfor Group jumping 17%, China Resources Land surging 11.3%, China Overseas Land rising 9.8%, and China Overseas Property gaining 9.4%. Other prominent developers, such as Henderson Land, CK Asset, Sun Hung Kai Properties, Wharf Holdings, and New World Development, also witnessed substantial increases in their share prices.
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