Shanghai will cut the down-payment ratio, the mortgage rates, while offering subsidies to homebuyers and allowing multi-children families to purchase one more home
SMIC and Hua Hong Semiconductors shares jump after Beijing unveiled a US$47.5 billion investment plan towards achieving self-sufficiency in the chip sector
Hong Kong stocks rose for a second day as easing of restrictions in home purchases in Shanghai spurred optimism about a recovery in China’s property market while chip makers extended gains following the creation of the country’s largest-ever chip investment fund.
The Hang Seng Index gained 0.3 per cent to 18,888.62 as of 11am local time. The Hang Seng Tech Index advanced 0.5 per cent.
China Resources Land gained 1.5 per cent to HK$31 and Longfor Group Holdings strengthened 1 per cent to HK$13.76. SMIC jumped 2.9 per cent to HK$16.96 and Hua Hong Semiconductors leapt 5.2 per cent to HK$20.85 after Beijing unveiled a US$47.5 billion investment plan towards achieving self-sufficiency in its semiconductor industry.
Alibaba Health Information Technology surged 11 per cent to HK$3.42 after its net income increased 65 per cent for the financial year ended March from a year ago.
A city view of Shanghai, east China. It became the first tier-one city to roll out easing measures after China unveiled a sweeping rescue plan for the property market earlier this month. Photo: Xinhua
Shanghai, China’s biggest commercial city, will cut the down-payment ratio, the mortgage rates, while offering subsidies to homebuyers and allowing multi-children families to purchase one more home starting Tuesday, the city’s government said on Monday. It became the first tier-one city to roll out easing measures after China unveiled a sweeping rescue plan for the property market earlier this month.
China Vanke added 1.3 per cent to HK$6.20 after the debt-stricken Chinese property developer sold an unfinished project for 2.24 billion yuan ($309 million) and injected much-needed liquidity into its operations.
Other major Asian markets were mixed. Japan’s Nikkei 225 slipped 0.2 per cent and Australia’s S&P/ASX 200 lost 0.1 per cent, while South Korea’s Kospi rose 0.2 per cent.