Chinese Property, Tech Stocks Jump on Hope of Softer Regulations
- Property developers booked best two-day gain in six years
- Hang Seng Tech Index erased earlier loss, gained 1.8%
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Shares in Chinese property developers booked their best two-day gain in six years, joined by a jump in technology stocks, as investors speculated Beijing may soften regulatory crackdowns on the two industries.
Confidence in the property sector has been lifted by a spate of positive news this week that’s raised expectations the government may be relaxing restrictions on how developers raise funds. Short sellers unwinding bearish bets added fuel to the rally. Evergrande’s bond interest payment, which looks set to help the firm to again avert a default, also gave investors some reprieve.