From Business Insider: 2024-05-17 10:53:12

Xi Jinping’s government implements aggressive measures to aid China’s property market, including easing mortgage rules and encouraging unsold home purchases by local governments. The stimulus plan aims to boost the housing sector, with reduced down payments for first-time buyers and central bank funding for affordable housing conversions.

China’s finance ministry sells special treasury bonds, kickstarting a stimulus program amid concerns over the housing crisis. Finance professor Zhu Ning warns direct intervention is needed for the real estate market’s recovery.

China’s industrial production expands by 6.7% in April, surpassing expectations, despite sluggish retail sales. Unemployment rate falls to 5.0%, the lowest since November 2023, boosting investor sentiment in Chinese stocks and commodities.

Chinese stocks soar on positive news, with Shanghai Composite and Shenzhen Index rising. Real estate developers like Greenland Holdings and China Fortune see significant gains. Hang Seng Index reaches a nine-month high, with Country Garden Services Holdings and Ping An Insurance leading the charge.

Chinese ADRs edge higher at U.S. market open, with Alibaba and PDD Holdings showing gains. KraneShares CSI China Internet ETF surges 2.7%, while copper jumps nearly 3%, reaching all-time highs at $5 per pound. Stocks and commodities tied to China rally on investor optimism.



Read more at Business Insider: China Goes All In As Beijing Vows To Buy Unsold Properties: Chinese Stocks Rally, Copper Hits All-Time Highs