China’s stocks rise to 19-month high on property measures

The Beijing Hills residential development by China Vanke Co. stands in Beijing

China’s benchmark stock index rose to a 19-month high, led by property developers, after policy makers eased real-estate curbs for the first time since the global financial crisis.
China Vanke Co. and Poly Real Estate Group Co., the biggest developers, advanced at least 2.8 percent after the nation’s central bank said last week it was allowing a broader range of home buyers access to lower down payments and mortgage rates. Yunnan Baiyao Group Co. drove a rally for drugmakers with a 10 percent advance. Jiangxi Copper Co. and PetroChina Co. declined both 2 percent in Hong Kong after the International Monetary Fund cut its world growth outlook.
The Shanghai Composite Index climbed 0.8 percent to 2,382.79 at the close, spurred by a 1.7 percent jump in a gauge of property stocks. Mainland markets were shut over the past week for the National Day holidays after the benchmark index posted a 15 percent gain last quarter.
“The property market will pick up in the fourth quarter as the policy is kind of all-out easing and very positive for the whole industry,” said Wang Weijun, a strategist at Zheshang Securities Co. in Shanghai. “The market may consolidate at the current level for a while after a very decent gain in the third quarter.” Bloomberg