Shares of Sunac China Holdings Ltd., one of China's largest property developers, surged by a staggering 37.27% on Tuesday, as investors flocked to the stock in anticipation of potential government support for the embattled real estate sector.
The Chinese government has scheduled a press conference on Thursday to discuss policies aimed at promoting the "steady and healthy" development of the property market. This announcement has rekindled hopes among investors that fresh measures will be unveiled to ease liquidity strains and revive demand in the struggling housing industry.
China's property sector has been grappling with a prolonged slump, weighed down by a debt crisis and slowing economic growth. This has sent shockwaves through the broader economy, as the real estate market accounts for a significant portion of the country's GDP. The anticipated government intervention is seen as a potential lifeline for the beleaguered industry, sparking a broad-based rally in Chinese property stocks.
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