Chinese property stocks jumped after Beijing signalled its first substantial policy loosening since the early days of the coronavirus pandemic, in an effort to reassure investors bracing for the possible default of developer China Evergrande.
The Hang Seng Mainland Properties index rose by as much as 4.1 per cent on Tuesday after the country’s central bank said it would free up Rmb1.2tn ($188bn) of liquidity for the banking system by cutting the share of deposits financial institutions must hold in reserve by 50 basis points.
The Chinese Communist party’s politburo also pledged to maintain a proactive fiscal policy and “flexible” monetary policy in the coming year, according to state media.
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