The index has rallied nearly 30% from its January low, having entered a bull market earlier this month.
Longfor Group, the ninth largest homebuilder in China, surged 11%, becoming the top performing stock on the Hang Seng Index.
“We think this is a largely symbolic move to show support for the sector with a ‘national team’ for the housing market,” said Citi analysts.
“We are cautiously optimistic about the ‘government-led buying on unsold units’ as it’s still being rolled out in more cities, “ said Jeff Zhang, an equity analyst at Morningstar.
Nasdaq Golden China Index, which tracks Chinese companies listed on Wall Street, has gained 11% since the start of April.
Persons:
”, “, Jeff Zhang
Organizations:
Hong Kong CNN, Longfor, China Holdings, National Development, Reform Commission, ’, Citi, ING Group, Morningstar, homebuyers, Communist Party, Nasdaq
Locations:
China, Hong Kong, Beijing, Hangzhou, Xi’an, Chengdu, Shanghai