China's Revival Plan Sparks Surge in Hong Kong Property Stocks
Originally Published 2 years ago — by CNBC
Hong Kong property stocks experienced a surge as China implemented measures to revive its property sector. Shares of real estate companies like Evergrande, Logan Group, and Longfor Group spiked over 9%, with Country Garden Holdings leading gains at 14.61% up. China's central bank eased borrowing rules and reduced the reserve requirement ratio for foreign exchange deposits, while some of the country's largest banks also cut interest rates on yuan deposits. Country Garden won approval from its creditors to extend payments for a 3.9 billion yuan onshore private bond.