China's property shares rally after Beijing pledges economic support

Shares of China's property developers surged on Tuesday following a sharp selloff in the previous session, after policymakers said they would step up support for the embattled sector.

after a meeting on Monday to ramp up policy support for the economy amid a torturous post-COVID recovery, focusing on boosting domestic demand.

While few details of the support measures were provided, investors focused on one change in tone in particular, which they thought could mean more property stabilisation steps were imminent. "Most important, sent a signal of further easing property restrictions by dropping the phrase...and mentioning streaming property policies," Nomura chief China economist Ting Lu said.

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