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HSI Picks Up 200Pts+ before Long Holiday; CN Developers Boom on Hope for Faster Urban Village Revitalization
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After shedding over 400 points the previous day, ending a six-day winning streak, Hong Kong bourse rebounded faintly ahead of the Easter long weekend. The HSI opened marginally higher by 9 points at 21,066, with gains amplifying early in the session, peaking at a 273-point rise to 21,330. It last traded at 21,312, up 255 points or 1.2%, with a turnover of HKD85.525 billion. The HSTECH picked up 1.4% to 4,861. Heavyweight stocks bolstered the market uptrend, with AIA (01299.HK) swelling 2.8%, and TENCENT (00700.HK) and BABA-W (09988.HK) each gaining 1.9%-2.2%. CNOOC (00883.HK) and PETROCHINA (00857.HK) each advanced over 2%. Additionally, SMIC (00981.HK), NEW ORIENTAL-S (09901.HK), CSPC PHARMA (01093.HK) and WHARF REIC (01997.HK) each climbed around 3%-4%. MEITUAN-W (03690.HK), which plunged the previous day, continued to dip less than 1%. Chinese property developers fared robustly. Blue-chip property stocks CHINA RES LAND (01109.HK) and CHINA OVERSEAS (00688.HK) surged 3.5%-5.2%. LONGFOR GROUP (00960.HK) opened 0.2% higher, with gains radically expanding to 7.9%, reaching HKD10.98, making it the best-performing blue-chip stock with a turnover of HKD351 million. Other Chinese property developers with official backing or participation also escalated. POLY PROPERTY (00119.HK) and C&D INTL GROUP (01908.HK) each leaped about 2.1%. CH OVS G OCEANS (00081.HK), GREENTOWN CHINA (03900.HK), CHINA JINMAO (00817.HK), SINO-OCEAN GP (03377.HK) and CHINA VANKE (02202.HK) jumped up 4.8%-6%. YUEXIU PROPERTY (00123.HK) soared 8.4%. On April 15, Chinese Premier Li Qiang conducted research in Beijing, where he stated during a briefing that acquiring existing commercial housing for use as affordable housing is a key measure to stabilize the real estate market, ensure stability, and improve people’s livelihoods. He underscored the need to promptly study and introduce new support measures, advance urban renewal, accelerate the transformation of urban villages and dilapidated housing, and apply various methods to revitalize existing stock and optimize new supply to support residents’ essential and upgraded housing needs. Li noted that the mainland real estate market still has immense development potential in the current and future periods. AAStocks Financial News |
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