Stock Track | KE Holdings Surges on China's Property Stimulus Measures

Stock Track09-24

Shares of KE Holdings, a leading housing transaction platform operator in China, soared 14.73% on Monday morning, following the Chinese government's announcement of a series of stimulus measures to boost the sluggish economy and support the struggling real estate sector.

The People's Bank of China (PBOC) unveiled a comprehensive plan to cut the reserve requirement ratio by 50 basis points, further reduce key interest rates, and slash existing mortgage rates by 0.5 percentage points. These measures are expected to provide much-needed relief to the property market, which has been grappling with a prolonged downturn.

The stimulus package sent shockwaves through the Hong Kong stock market, with the Hang Seng Mainland Properties Index and the Hang Seng Property Index surging 1.9% and 1.4%, respectively. In addition to KE Holdings, other major property developers, such as China Overseas Land, Longfor, China Resources Land, Sunac, and Midea Real Estate, also experienced significant gains.

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