By Bingyan WangShares of Chinese developers rose Monday after major Chinese cities including Beijing and Shenzhen vowed to better meet the public's growing housing demands, adding to national efforts to revitalize the property market. Hong Kong-listed Longfor Group Holdings and Country Garden Holdings advanced 8.5% and 4.1%, respectively. China Vanke added 2.5% on the Shenzhen market and China Merchants Shekou Industrial Zone Holdings rose 2.9%. Since November, Chinese authorities have been trying to prop up the property market and stimulate home demand after a yearslong crackdown on housing speculation. The weekend notice was the first time top-tier cities indicated that material property stimulus measures were coming.
Source: Wall Street Journal July 31, 2023 03:47 UTC