Business
Chinese property stocks climb as China calls for stabilizing real estate market
Chinese property stocks climb as China calls for stabilizing real estate market
About this update from China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A
** Chinese property stocks rise as Central Economic Work Conference called for efforts to stablilize the property market, sending Hong Kong's Hang Seng Mainland Properties Index HSI:HSMPI up as much as 1.6%, and China's CSI 300 Real Estate Index SSE:000952 up 1.1%** Hong Kong shares of China Vanke SZSE:000002 rise as much as 5.6% and Shenzhen-listed stock SZSE:000002 up 2.8%** Logan Group HKEX:3380 surge 5%, New World Development HKEX:17 rises 2.7%** In China, Poly Development SSE:600048 and China Merchants Shekou Industrial Zone SZSE:001979 climb 1.7% and 1.6% respectively** The annual Central Economic Work Conference, which held December 10–11, called for efforts to stabilise property market by implementing city-specific measures to control new construction, reduce inventory, and optimize supply** Chinese leaders promised on Thursday to maintain a "proactive" fiscal policy next year that would stimulate both consumption and investment to maintain high economic growth, which analysts expect Beijing to target at roughly 5%