By Bingyan WangShares of Chinese property developers rose sharply Monday, as more major Chinese cities said over the weekend that they would ease mortgage policies in a bid to shore up the real-estate sector. Major Chinese cities across the country, including Beijing and Shanghai, lowered mortgage requirements for some home buyers late last week, lowering the bar for home purchases. Country Garden shares were last up 9.0% at 0.97 Hong Kong dollars (12 U.S. cents). Despite Chinese authorities' supportive policies and Country Garden's bond extension, some analysts warned that the extension could just be a near-term reprieve. "With the lack of an eventual resolution [for Country Garden]," headwinds linger for the Chinese property sector, IG Asia analysts said in a note.

Source: Wall Street Journal September 04, 2023 03:15 UTC