Shares of KE Holdings Inc. (BEKE), a leading Chinese real estate services platform, surged 12.55% in pre-market trading on September 30, 2024, as the company benefited from China's measures to revive the struggling property sector.
China announced several stimulus initiatives over the weekend aimed at boosting the real estate market, which has been grappling with a liquidity crisis and slumping demand. The People's Bank of China announced that homeowners can renegotiate the terms of their mortgages, potentially lowering borrowing costs on up to $5.3 trillion in loans.
Additionally, major Chinese cities like Guangzhou, Shanghai, and Shenzhen eased restrictions on home purchases, allowing more buyers to enter the market and removing limits on the number of homes owned. These measures are expected to bolster housing demand and provide relief to the troubled real estate industry.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.