Chinese Property Stocks Rally
This is a Hong Kong news story, published by CNBC, that relates primarily to Pan Gongsheng news.
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Hong Kong marketsCNBC
•China property stocks rally on homes mortgage stimulus
86% Informative
Hang Seng Mainland Properties Index surged as much as 5% when Hong Kong markets opened shortly after the announcement was made.
Hong Kong -listed shares of real estate developers like China Resources Land, Longfor Group Holdings and China Overseas Land & Investment were some of the biggest movers.
People's Bank of China Gov. Pan Gongsheng announced that Beijing would reduce the interest rates on existing individual mortgages by an average of 0.5 percentage points, and the lower down-payment ratio for second homes purchases to 15% from 25% ..
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