China property stocks rally after major cities ease homebuying restrictions

📆 30/09/2024 12:05 a. m.
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Shares of Chinese property developers rallied on Monday, fueled by easing homebuying measures, following authorities’ blitz of policy stimulus last week.

The Guangzhou city government said in a notice on Sunday that all restrictions on home purchases would be removed, effective from Monday.

Shares of Chinese property developers rallied on Monday after major cities in mainland China unveiled easing measures to boost homebuyer sentiment, following the central bank's blitz of policy stimulus.said in a notice on Sunday that all restrictions on home purchases would be removed, effective from Monday.

The view is shared by Gary Ng, APAC economist at Natixis, who suggests the effect more limited in smaller cities"given the elevated inventory level." They are more likely to lead to some"stabilization" rather than a turnaround, Ng said.last week. Authorities"must work to halt the real estate market decline and spur a stable recovery," according to a readout of the high-level meeting, chaired by Chinese President Xi Jinping.

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