China property shares soar on Beijing stimulus, despite continued debt crisis
Plans to shore up real estate and tech sectors welcomed by investors, but downgrade of third-biggest developer Sunac shows problems persist
Chinese property shares have soared for a second day thanks to a decision by Beijing’s leadership to throw the country’s struggling real estate sector a lifeline amid growing pressures at home and abroad.
Despite a downgrade for China’s third-biggest property developer Sunac on Thursday, stocks in the sector lifted again in Hong Kong and the mainland thanks to an announcement by vice premier Liu He, China’s economic tsar, on Wednesday that the government needed to reduce risks in the industry.
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