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Large property developers Country Garden, Longfor Group, CIFI Holdings and Greentown China all jumped close to 15% at market open. The Hang Seng Mainland Properties Index gained 9.7%.
Two sources told Reuters a notice to financial institutions from the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, in a major push to ease the deep liquidity crunch which has plagued the property sector since mid-2020.
