Chinese developers experienced a boost in their shares on Monday as major cities, including Beijing and Shenzhen, announced plans to meet the increasing housing demands of the public. This development adds to the national efforts aimed at revitalizing the property market.
The Hong Kong-listed Longfor Group Holdings saw an 8.5% increase in its shares, while Country Garden Holdings advanced by 4.1%. The Hang Seng Mainland Properties Index climbed an additional 3.5%, following strong gains from the previous week. China Vanke also experienced a 2.5% increase on the Shenzhen market, and China Merchants Shekou Industrial Zone Holdings rose by 2.9%.
The local governments of Beijing, Shenzhen, and Guangzhou separately stated over the weekend that they will "strongly support and better meet demands" from residents, as well as optimize housing policies.
The commitment from the major local governments follows a call from the Communist Party's Politburo last week to adjust property policies due to changed supply-demand dynamics.
Since the Politburo meeting last Monday, Longfor Group and Country Garden have experienced significant gains of more than 50% and 40%, respectively.
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