Chinese Developer Stocks Jump on Easing Mortgage Policy

Shares of Chinese property developers rose sharply Monday, as more major Chinese cities said over the weekend that they would ease mortgage policies in a bid to shore up the real-estate sector.

Major Chinese cities across the country, including Beijing and Shanghai, lowered mortgage requirements for some home buyers late last week, lowering the bar for home purchases. Separately, news reports over the weekend saying that property giant Country Garden Holdings received creditor approval to extend a bond also lifted the mood and supported the company's shares. Country Garden shares were last up 9.0% at 0.97 Hong Kong dollars .

Despite Chinese authorities' supportive policies and Country Garden's bond extension, some analysts warned that the extension could just be a near-term reprieve.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jobs report shows jump in unemployment as market gradually coolsUnemployment jumped from 3.5% to 3.8% this month, a sign that the job market is cooling. The market also added 187,000 jobs. The Biden administration said this showed more people joining the workforce. Meanwhile, the Federal Reserve is considering another interest hike amid soaring inflation. Christina Ruffini reports.
Source: CBSNews - 🏆 87. / 68 Read more »