Longfor Properties Co Ltd

Chinese property stocks rose today after Chinese officials unveiled plans to roll out additional measures to shore up the real estate market, using increased government spending, making it easier for companies to issue bonds, and adjusting interest rates. In Hong Kong trading, China Vanke jumped 7.1%, Longfor Properties gained 3.8%, and Sunac China Holdings surged 4.7%, while China Resources Land and Poly Property Group each rose 3.4%. Premier Li Qiang chaired a meeting of the State Council's executive committee on Monday, with the meeting aimed at pushing for stronger countercyclical macroeconomic policies for the real estate sector. The meeting came just weeks after reports that Chinese authorities intervened to prevent the risk of a default by China Vanke, asking banks and creditors to grant the company some debt relief. The Chinese property market has faced a prolonged downturn since the COVID-19 crisis, which drove several major developers into bankruptcy, including China Evergrande. Although the Chinese government has continued to roll out support measures for the real estate sector, including major easing of capital rules and various forms of credit support, the sector remains under pressure, with sluggish home purchases still a key drag.