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China property sector surges on fundraising support, but COVID protests cloud outlook

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Chinese property developers' shares and bonds soared on Tuesday after regulators lifted a ban on equity refinancing for listed firms, the latest support measure for a cash-squeezed sector that has been a key pillar of the world's No. 2 economy.

Nomura analysts said they believed sentiment towards the property development sector "should see notable lift due to the continued introduction of policy easing by the central government in the past one month."

Reviving property demand would be challenging under the "the recent worsening COVID-19 situation and protests in major Chinese cities, as well as the weakening housing price trends", the Nomura analysts wrote. Yuan-denominated bonds issued by Chinese developers CIFI Group , Guangzhou Times Holdings , Country Garden rocketed between 20% and 50% each on Tuesday.

 

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