Shares in Chinese property developers soar on latest support from Beijing
HONG KONG — Shares in Chinese property developers surged on Wednesday after Beijing expanded a financing program to support bond issuance in the crisis-ridden sector. Shares of Country Garden soared more than 20% and Longfor Group jumped more than 17%. The Hang Seng Mainland Properties Index rose more than 7%.
Offshore dollar bonds issued by Chinese private developers also rebounded.
The National Association of Financial Market Institutional Investors (NAFMII) announced on Tuesday evening that it will widen a program to support about 250 billion yuan ($34.5 billion) of debt sales by private firms.
The semi-official association under China’s central bank also said the program can be expanded. ($1 = 7.2520 Chinese yuan) (Reporting by Xie Yu; Editing by Edwina Gibbs)
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