Stock Track | China Resources Land Surges 7.5% Amid Hopes of Policy Support for Property Sector

Stock Track

Sep 19, 2024

Shares of China Resources Land Ltd. soared 7.51% on Thursday, September 19, 2024, as Chinese property stocks rallied amid expectations of monetary easing by Beijing following the Federal Reserve's half-percentage-point interest rate cut.

The Hang Seng Mainland Properties Index, tracking Chinese developers listed in Hong Kong, rose 5.1% early Thursday, with China Resources Land among the top gainers. The gains came after the Fed kicked off its easing cycle, providing more room for the People's Bank of China (PBOC) to cut rates without being overly concerned about yuan stability.

Analysts expect the PBOC to announce lower loan prime rates this Friday. Further easing of monetary policy settings in China could boost sentiment in the property sector, which has been grappling with a downturn for the last few years. If domestic mortgage rate cuts materialize, it could support a recovery in home transaction volumes in the short run, according to analysts.

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