Stock Track | China Overseas Soars 5.09% Intraday on Property Sector Rally and Strong Sales Data

Stock Track05-29

China Overseas Land & Investment's stock soared 5.09% during intraday trading on Friday, reflecting strong investor interest in the property developer.

The gain was part of a broad-based rally across the mainland property sector, with peers like Country Garden, China Vanke, and Sunac China also posting significant increases. Bank of America Securities recently raised its target price for China Overseas Land to 19 HKD, expressing optimism about a phased industry recovery.

Fundamentally, the company reported robust April contract sales of RMB 24.19 billion, representing a 20% year-over-year increase. The Shenzhen Bay project also set a single-day sales record, indicating continued momentum in first-tier city property markets as transaction chains gradually open up, providing further support for sector sentiment.

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