New credit lines see mainland property chips jump
Mainland property shares jumped on Thursday, after the country's biggest commercial banks agreed to provide billions of dollars in credit lines to cash-strapped developers, adding to recent regulatory support measures to lift the sector out of a deep slump. Stock of China Vanke, Country Garden, China Overseas Land, China Resources Land, CIFI Holdings and Greentown China rose between 3 percent and 11 percent in Hong Kong. A gauge tracking the sector, the Hang Seng Mainland Property Index, rose 5.3 percent. Four of China's biggest banks have agreed to provide fundraising support to property developers, including industry giants Vanke and Country Garden, in a coordinated effort to support the embattled property sector. (Reuters)