Chinese property stocks rise following central bank support pledge

📆 4/08/2023 4:15 p. m.
📰 BusinessInsider

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Chinese developers jump after central bank pledges more support for embattled property sector

Newly appointed People's Bank of China governor Pan Gongsheng met Thursday night with executives of eight big developers including Country Garden Holdings, Longfor Group Holdings, and China Resources Land to offer more support.

China's property sector accounts for about a fifth of the economy. Its woes held GDP growth in the second quarter at 6.3% compared with the same period last year – well below forecasts of up to 7.1%.

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