China property shares jump on report of govt plan

China’s CSI 300 Real Estate index climbed over 3% yesterday, following a 2.2% rise on Wednesday. — Reuters

HONG KONG: Shares of Chinese property developers jumped after a report that China is considering a plan for local governments nationwide to buy millions of unsold homes from distressed companies to ease a protracted property crisis.

Hong Kong’s Hang Seng Mainland Properties Index firmed as much as 6% in morning trading yesterday.