HK Movers | Mainland Real Estate Secetor Rallies. Logan Group And Sino-Ocean Surging Over 30%
HK mainland real estate secetor rallies, fueled by speculation a high-level meeting will be held next week to help revive the struggling sector.
Logan Group surging by 32%; Sino-Ocean up 30%; Yuzhou, Sunac, Kaisa, Ronshine China, Zhenrou, KWG, Redco, Agile and R&F Properties gained over 10%.
The rally followed unverified social media reports of a possible high-level meeting that would be reminiscent of the Central Urban Work Conference held in 2015, which sought to propel urban planning and infrastructure. That event was the first of its kind in decades.
The speculation relates to the possible resumption in the development of shantytown areas, which triggered the purchasing of property stocks, said Shujin Chen, head of China financial and property research at Jefferies Hong Kong Ltd.
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