Reported about 1 year ago
Shares of Chinese property companies listed in Hong Kong surged as private data revealed that major Chinese property developers saw a narrowing in yearly sales declines in June. The Hang Seng Mainland Properties Index rose 3.5%, with private developers Longfor Group, Shimao Group, and Agile increasing over 5%. State-backed China Resources Land and privately-owned CIFI Holdings also gained more than 4%. The market is closely observing the impact of government support measures on stabilizing the property sector, with China's top 100 real estate developers showing a 36.3% increase in sales value from May, despite a 16.7% drop from a year ago, indicating a narrowing decline trend.
Source: YAHOO