Chinese property stocks and bonds soared on Monday as the market cheered an extensive package outlined by Chinese regulators to shore up financing in the embattled real estate sector, with the sub-index surging close to a two-month high in morning trading.
A dollar bond of defaulted Yango Group due 2023 rose 1.787 cents on the dollar to 2.712, according to data from Duration Finance. Powerlong Real Estate's April 2025 bond was traded at 9.275 cents, 3.055 cents higher than Friday. Their bonds also surged onshore.
Citi said the package signals a major shift in regulators' policy stance on developers, from "imposing restrictions" to "providing support", and "rescuing projects, but not developers" to "rescuing both developers and projects". Jefferies estimated the package, together with other recent policies, would inject around 1.3 trillion yuan credit into the property sector, largely covering private developers' public bonds and trust products due to mature by end-2023.
Some investors remained cautious about the impact of the latest policy, however, as regulators have already made many attempts to revive the property sector and the macro environment remains weak amid the country's COVID restrictions.
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