Hong Kong Stocks Extend Losing Streak; Property Firms Lead Decline on Disappointing Support Measures
Hong Kong stocks fell for a third day straight with investor sentiment remaining skittish as new support measures for the property sector failed to impress.
The Hang Seng Index fell 1.02%, or 207.75 points, at 20,079.10. The Hang Seng China Enterprises index lost 1.22%, or 88.54 points, at 7,179.44.
At a press conference by China's housing ministry, Minister Ni Hong announced policy measures to bolster the faltering property sector.
The measures revolve around loosening buying regulations, enhancing funding for distressed property developers, securing timely home completions, and cutting mortgage rates to restore homebuyer confidence, according to an SCMP report.
The ministry is also anticipating the growth of loans for "white list" real estate projects to 4 trillion yuan by the end of 2024.
Source : MT Newswires