The National Association of Financial Market Institutional Investors late on Tuesday said it will widen a programme to support about 250 billion yuan worth of debt sales by private firms, including property developers.
"Even though the programme may not actually help developers that much, it's the message from the central government, showing its determination to stabilise the sector and the economy, that is boosting sentiment," said Alvin Cheung, associate director of Prudential Brokerage in Hong Kong.
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