GEELY AUTO's stock price surged 9.06% on Thursday as the Hong Kong stock market rallied on signs of a recovery in China's property market, a key driver of economic growth.
The Hang Seng Index rose 1% by midday, trimming its weekly loss to 0.4%. GEELY AUTO was among the biggest gainers, climbing 8.8%, as data showed residential presales in 30 major Chinese cities jumped 22% last week compared to the previous seven-day period.
The rebound in home sales is attributed to a series of supportive measures unveiled by Beijing since late September to boost the struggling property sector. Raymond Cheng, managing director at CGS International Securities, said the strong policy tailwinds have markedly improved homebuyer confidence in China, driving expectations for a positive year-over-year growth in industry sales in the fourth quarter of 2024 and potentially in 2025 as well.
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