China property shares jump on policy meeting rumors

Chinese property stocks surged on Thursday, driven by a report that policymakers will convene a key meeting next week to address the challenges facing the real estate industry, according to Bloomberg.

The stock price of Logan Group Company (3380), once surged 85 percent to HK$1.68 before retreating to HK$1.10 to close 21 percent higher, while Sino-Ocean Group Holding (3377) saw its shares jump 41 percent to HK$0.13 before retreating to HK$0.12 at the close – still a jump of 27 percent.

They were the two biggest gainers in Bloomberg Intelligence's real estate stock index.  

The real estate index rose more than 11 percent, marking its largest single-day gain in nearly nine months.  

Bloomberg noted that this rebound came after unverified social media reports suggested a high-level meeting – reminiscent of the Central Urban Work Conference – might be held next week.

ANSON LUK