Chinese property companies rose in early trading on Tuesday after the country’s central bank governor announced a cut to downpayments for second homes, part of a raft of measures aimed at boosting growth.
Pan Gongsheng said downpayments for first and second homes would be “unified” at 15 per cent. Previously the minimum downpayment on second homes was 25 per cent.
The Hang Seng Mainland Properties index, which consists of large Chinese property companies listed in Hong Kong, rose as much as 5.8 per cent in early trading. KE Holdings, China’s largest online property transaction platform, led gains as it jumped more than 13 per cent.
The broader Hang Seng index rose 2 per cent, leading gains among major regional indices for the day.
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