SHANGHAI – Shares of Chinese property developers rose in early trade on Friday, ahead of a press conference later in the day by China’s housing and financial regulators regarding policies to ensure housing delivery.

Hong Kong’s Hang Seng Mainland Properties Index climbed 1.5% by 0155 GMT, while China’s CSI 300 Real Estate index was up 0.1% after opening 1.2% higher.

Property shares had jumped earlier this week as Bloomberg News reported on Wednesday that China was considering a plan for local governments across the country to buy millions of unsold homes from distressed companies to ease a protracted property crisis.

Major property developer China Vanke advanced 0.2% on Friday, adding 8.5% so far in the week. Defaulted private developer Fantasia surged 19%, expanding its weekly gain to 115%.

China’s CSI 300 Real Estate index has gained 5% so far in the week.

China’s property sector slipped into a debt crisis in mid-2021. Since 2022, waves of policy measures have failed to turn around the sector, which represents around a fifth of the economy and remains a major drag on consumer spending and confidence.

China’s new home prices fell at the fastest monthly pace in more than nine years in April, as intensified efforts by authorities to prop up the ailing property sector show few signs of paying off, official data and Reuters calculations showed on Friday. — Reuters