China’s battered property shares surge on profit outlook

HONG KONG: Things are looking up for battered Chinese property stocks this week as positive profit outlooks and a shift toward monetary easing lure investors.

A Bloomberg Intelligence gauge of China real estate shares is heading toward a 6.3% gain this week, the best showing since mid-February. The gauge jumped as much as 1.5% yesterday before slipping. Shimao Property Holdings Ltd, which bought back shares on Monday and Tuesday, has surged 9.6% this week. Sunac China Holdings Ltd, which said its first-half profit may more than triple, is headed for a 5.8% gain even as the shares fell yesterday.