Chinese stocks rise; property shares jump on policy support: Reuters
China’s central government issued notices on Friday urging local authorities to restrict land supply and support their residents’ need for better housing conditions, sending the stock market higher after a week of volatile trade.
News of the housing support measures, first reported early Friday by state media, sent China’s CSI300 real estate index higher by 3.9 percent. The news buoyed the broader market, as did Beijing’s move earlier this week to relax foreign investment rules.
In a document issued on its website, the central Ministry of Land and Resources urged local governments to support residents who need to improve their housing conditions, and reduce or even suspend land supply in cities where there was a surplus of housing. Read more