China property stocks surge to highest levels in a year as stimulus rally continues [CNBC]
CHINA OVERSEAS L&I UN/ADR (CAOVY)
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Source: CNBC
The real estate sector was the biggest gainer in the Hang Seng Index on Wednesday. Shares of most Hong Kong-listed Chinese property stocks surged to their highest levels in over a year, as China's stimulus rally continues. The real estate sector was the biggest gainer in the Hang Seng Index , with Longfor Group Holdings being the top mover, adding over 25%. Shares of other real estate developers also saw significant gains. Shimao Group skyrocketed over 87% while Kaisa Group jumped 40.48%, both notching their highest prices in more than a year. Similarly, China Overseas Land & Investment climbed 12.31% to hit its highest since last September. China Vanke rose 39.6% to its highest since August 2023. Hang Lung Properties and China Resources Land gained 10.01% and 10.82% respectively. The wider Hang Seng Index added 6%, while the Hang Seng Mainland Properties Index surged over 14%. Mainland Chinese markets are closed for the Golden Week holiday. The continued drag from the
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