Shares in China’s biggest property developers rallied following reports that the government had created a dedicated fund to support the heavily indebted sector.
Financial news outlet REDD reported on Monday that China’s State Council last week passed a plan to establish a real estate fund worth up to Rmb300bn ($44.4bn) to support at least a dozen property groups.
The news pushed the Hang Seng Mainland Properties index, which tracks 10 of the country’s biggest Hong Kong-listed real estate companies, up by as much as 5.4 per cent in early trading. Country Garden and Longfor Group, two constituents, rose as much as 8.3 per cent and 9 per cent, respectively.
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