Surge in China Property Stocks as PBOC Pledges Support for Private Companies

Surge in China Property Stocks as PBOC Pledges Support for Private Companies

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A pedestrian crosses a road in front of residential buildings in Beijing, China.

Qilai Shen | Bloomberg | Getty Images

Chinese property stocks surged on Friday after the People’s Bank of China vowed to pledge more financial resources to support the private economy.

Hong Kong-listed shares of real estate developers like Country Garden Holdings, Longfor Group Holdings, and China Resources Land were some of the top gainers on the Hang Seng index. Longfor gained as much as 8.19% and Country Garden Holdings surged 6.2%, before paring some gains.

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The broader Hang Seng Mainland Properties Index rose as much as 4.76%, but later moderated its gains.

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