HONG KONG :Chinese property stocks soared on Monday as the market cheered an aggressive plan outlined by Chinese regulators to shore up liquidity in the embattled sector, with the sub-index surging close to a two-month high in early trading.
The Hang Seng Mainland Properties Index gained 15 per cent, while top property developers Country Garden soared 33 per cent, narrowing gains after rallying as much as 52 per cent to the highest since July 27.
"We view the PBOC & CBIRC policy could be a game-changer for being the first comprehensive supportive policy from central authorities, unlike previous piecemeal steps," Citi said in a note on Monday, describing the package as"soaking rain after a long draught".
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