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The
Hang Seng Mainland Properties Index was up 3.5% by noon, after
jumping as much as 4.8% earlier in the session.
Private developers Longfor Group, Shimao Group and Agile each
surged more than 5%, while state-backed China Resources Land and
privately-owned CIFI Holdings gained more than 4%.
The market is closely watching the impact a major government
package of support measures launched in mid-May would have on
stabilizing the country's ailing property sector.
Sales value at China's top 100 real estate developers in June
rose 36.3% from May, while it dropped 16.7% from a year ago,
narrowing from the 33.7% annual decline in the previous month,
according to data from property researcher CRIC.
Nearly one-third of these developers, mostly state-owned and
state-backed companies including China Overseas Land &
Investment, Poly Developments, Greentown China and China
Resources Land, posted year-on-year gains in June sales, CRIC
said, highlighting the polarization in the sector.
The research firm said it expects more home purchases after the
raft of supportive measures, while the yearly drop in July would
continue to narrow due to a low base last year.
Another property sector research company, China Index Academy,
said on Monday the average price for new homes across 100 cities
edged up 0.15% month-on-month in June, their slowest pace in
five months.
In May, Chinese authorities unveiled what they called a historic
support package for the property sector that has been hit hard
by a liquidity crunch since 2021 with many firms defaulting on
debt.
(Reporting by Clare Jim; Editing by Rashmi Aich)
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