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Chinese developers jump after report China is easing funding rules
September 4, 2014 / 2:26 AM / 3 years ago

Chinese developers jump after report China is easing funding rules

HONG KONG, Sept 4 (Reuters) - Shares in Hong Kong-listed Chinese developers jumped on Thursday after Reuters reported that Beijing was relaxing financing rules for listed property firms by allowing some to sell medium-term notes in the interbank market.

Shares in China Vanke, the country’s largest residential developer, rose nearly 2 percent, China Overseas Grand Oceans jumped more than 3 percent, Sunac China Holdings Ltd surged more than 6 percent and Kaisa Group Holdings nearly 4 percent.

Reuters reported late on Wednesday, quoting sources familiar with the matter, that money raised from developers’ sales of notes could be used to fund new residential housing projects, supplement companies’ operating cash flows and repay bank loans. (Reporting By Grace Li; Editing by Anne Marie Roantree and Alan Raybould)

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