Today (Jan. 21), Country Garden announced on the Hong Kong Stock Exchange that it has met the resumption guidelines and will resume trading from Jan. 21.
Chinese property stocks surged collectively, with Country Garden (02007) up 19.59%, Ronshine China (03301) up 11.54%, Vanke (02202) up 11.11%, and Sunac China (01918) up 8.12%.
On Jan. 14, Country Garden released its full-year results for 2023 and mid-year results for 2024. As of June 30, 2024, the company reported a total revenue of approximately 102.1 billion RMB, with losses significantly narrowed compared to 2023. Notably, its net assets stood at 74.1 billion RMB, exceeding market expectations. The group plans to implement various measures, including ongoing discussions with domestic and international lenders and debt restructuring proposals, to alleviate liquidity pressures and improve its financial status.
On Jan. 17, the National Bureau of Statistics reported that in December 2024, home sales prices in first-tier cities rose month-on-month, while the decline in second and third-tier cities narrowed. A brokerage firm in the mainland noted that the proactive adjustments in real estate policy are showing signs of stabilization in property prices. They anticipate that policy changes in first-tier cities will support demand and gradually improve price expectations, positively impacting the second and third-tier cities and contributing to the overall recovery of the property market.
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