Chinese Property Stocks Rally on Hope for More Policy Support [BNN Bloomberg (Canada)]
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AGILE GRP HLDGS UNSP/ADR (AGPYY)
NASDAQ:AMEX Investor Relations:
quicktake.morningstar.com/stocknet/secdocuments.aspx?symbol=03383&country=hkg
Company Research
Source: BNN Bloomberg
A Bloomberg Intelligence gauge of Chinese real estate stocks rose 2.8% after an 11% jump Thursday. CIFI Holdings shares rose as much as 8.2%, while Agile Group jumped 8.1%. Shimao Group climbed 6.4%. Key Chinese government officials are meeting Friday morning to discuss the property market, including a proposal to clear excess housing inventory, people with knowledge of the matter said. Senior officials from the housing ministry, financial regulators, local governments and state banks will attend the gathering via video conference. The meeting is the latest effort by Chinese leaders who are increasingly prioritizing efforts to address the biggest drag in the world's second-largest economy. Some major cities such as Hangzhou and Xi'an have recently scrapped restrictions on property purchases. The Bloomberg property stock gauge has jumped about 60% from an April 19 low. “The meeting illustrates Chinese government's seriousness about the sector and we expect more concrete measures
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