24H｜Chinese ETFs and ADRs Jump on China Home Sales, Tech Enthusiasm; YINN, Alibaba up 4%; PDD, NetEase up 2%
Tiger Newspress
Oct 02
Chinese ETFs and ADRs jumped in overnight trading as signs of stabilisation in the property sector and gains in technology firms boosted sentiment.
YINN, Alibaba rose 4%; Baidu rose 3%; PDD, NetEase rose 2%; JD.com, Bilibili, Li Auto rose 1%.
China’s home sales by the 100 largest developers edged up 0.4 per cent in September to 252.8 billion yuan (US$35.5 billion) from a year earlier, reversing a 17.6 per cent drop in August, data from China Real Estate Information Corporation showed on Wednesday. The modest recovery follows nearly three years of incremental policy support, including recent eased purchase rules in Beijing and Shanghai.
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