Chinese brokerages get in line with Beijing’s crackdown on overseas stock trading
Some securities companies have begun to clean up non-compliant overseas stock trading by mainland Chinese investors following a regulatory crackdown that started months ago with fines on Tiger Brokers and Futu Securities International. Orient Securities’ mainland-based clients that have trading accounts in its Hong Kong unit will be banned from buying stocks and transferring in funds starting on…
Chinese property stocks experienced a surge on Tuesday following officials' announcement of additional supportive measures to stabilize the real estate market. Premier Li Qiang chaired a State Council Executive meeting on Monday to implement stronger counter-cyclical macro policy adjustments for the sector. The market response was evident, with notable gains seen in companies like Chinese Vanke Co Ltd, which climbed 7.1% in Hong Kong trading.
Longfor Properties Co Ltd, Sunac China Holdings Ltd, and China Resources Land Ltd also saw notable increases of 3.8%, 4.7%, and 3.4% respectively. This price movement follows reports of China intervening to prevent a potential default by Vanke, asking banks and creditors for exemptions on dues. Despite the market's recovery, the property sector has struggled since the COVID-19 crisis, marked by numerous high-profile bankruptcies, including China Evergrande.
Even with recent supportive measures from Beijing, such as eased capital rules and lending subsidies, the demand for real estate in China remains depressed due to broader economic pressures and weak homebuying activity.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
