BEIJING, July 25 — Battered Chinese property stocks rallied today after Premier Li Keqiang pledged to support developers and hinted at possible state funding at a cabinet meeting.
The property market debt crisis has been a major drag on the economy over the past year, and officials have rushed to offer support after dismal second-quarter growth of 0.4 per cent—the worst since the pandemic began. The comments pushed the Hang Seng Mainland Properties Index — which tracks major Chinese developers listed in Hong Kong — up more than three per cent today.