Stock Track | GCL Tech Soars 27% as China's Property Market Shows Signs of Reviving

Stock Track10-25

GCL Technology's stock soared 27.27% on October 25th as Hong Kong stocks edged higher, reflecting growing optimism about China's economic outlook. The upturn was driven by signs of a recovery in residential property sales, which rose 22% last week across 30 major cities in China compared to the previous week, according to financial data provider Wind.

First-tier cities led the nationwide increase, with sales climbing 27% from the previous week's high base. This surge comes on the heels of the previous week's impressive 58% week-on-week jump in sales across the country, according to the report.

Analysts attribute the resurgence in homebuyer confidence to the Chinese government's resolute measures to support the struggling property market since late September. Raymond Cheng, managing director at CGS International Securities in Hong Kong, expects monthly industry sales in the fourth quarter to register year-on-year growth for the first time since 2022.

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