HONG KONG (Reuters) -Shares of Chinese developers wobbled on Monday as investors fretted that China's "historic" steps to stabilise its crisis-hit property sector fell short of what is required to foster a sustainable turnaround in demand and confidence. Hong Kong's Hang Seng Mainland Properties Index closed down 0.7%, after having gained around 18% so far this month after the Politburo said in an April 30 meeting that it would coordinate to clear housing inventory. Embattled state-backed developer China Vanke eased 0.2%, after bouncing as much as 6.4% in the morning session.
Chinese Property Stocks Rally on Hope for More Policy Support bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Shares of Chinese property
developers in Hong Kong jumped on Thursday, after a report that
China is considering a plan for local governments nationwide to
buy millions of unsold homes from distressed.