A winding-up order against China Evergrande Group, one of the world’s most indebted property developers, sparked a rally in the rest of the sector amid hopes authorities will introduce easing measures for the remaining players.
Prices of new homes in 70 cities fell 0.4 per cent month on month in December after a 0.3 per cent drop in November, according to a Post analysis of official data.
Housing authorities in China’s tier-one cities pledged to support a recovery in the housing market, reflecting Beijing’s intent to further ease property measures and sending shares of developers surging on Monday.