China property stocks rise after easing of share financing rules

SHANGHAI : China's property shares jumped on Friday after state media said authorities will ease share financing rules for certain real estate-related firms, fuelling hopes of more measures to aid the struggling sector.

For eligible companies, real estate must not be their core business, and should not contribute more than 10 per cent of their profit, according to the article. Some companies with real estate-related businesses, including Zhongtian Financial Group Co Ltd, Jinan high-tech development co. ltd and Shenzhen New Nanshan Holding Group Co Ltd, saw their shares surge above 5 per cent. Analysts say these companies will likely benefit directly from the rule changes.

"The move aims to better support real financing for firms and stabilise the broader economy," said Liu Shui, an analyst at China Index Academy.China's central bank and banking regulator have taken steps to ease liquidity pressure in the property sector, where many companies are suffering from slumping investment and sales on top of mountains of debt.

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