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China property stocks jump after PBOC announces sweeping measures to stabilize sector
Hong Kong listed shares of Chinese property developers jumped in afternoon trade after the the People’s Bank of China removed the floor on mortgage rates and lowered down payment requirements for homebuyers in bid to shore up the ailing sector.
Shares of Logan Group popped nearly 7%, Longfor Group was up more than 9%, China Vanke gained 15% and Sunac Group jumped 22%.
The China CSI 300 Real Estate index was up 8.57% while the Hang Seng Mainland Properties index was 3.9% higher.
The PBOC removed the floor for mortgage rates for first and second homes. The central bank also lowered the minimum down payment ratios for first-time homebuyers to 15%, and 25% for the purchase of second homes.
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Deep Sea OP : This is good news for businesses in China. When the property market recovers, it will help the economy to recover faster.