China property shares surge on opening up of equity financing option

HONG KONG : Shares of Chinese property companies soared on Tuesday after the country's securities regulator lifted a ban on equity refinancing for listed property firms, in the latest support measure for the embattled real estate sector.

Hong Kong's Hang Seng Mainland Properties Index was set to open up 6.4 per cent. Shares of Country Garden was set to open up 13.4 per cent, while Longfor, Agile and China Vanke were indicated up more than 9 per cent. The China Securities Regulatory Commission said late on Monday it would broaden equity financing channels, including private share placements for China and Hong Kong-listed Chinese developers, lifting a ban that has been in place for years.

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