HK Stock Market Move | Some mainland property stocks surged in the afternoon, with SHIMAO GROUP (00813) up over 45% and CIFI HOLD GP (00884) up over 24%.

Some mainland property stocks surged in the afternoon. As of press time, SHIMAO GROUP (00813) rose 45.59% to HK$0.099; CIFI HOLD GP (00884) rose 24.24% to HK$0.041; R&F PROPERTIES (02777) rose 15.91% to HK$0.255; AGILE GROUP (03383) rose 10.3% to HK$0.182. On the news front, during this year's National Day holiday, affected by favorable policies, the property market showed signs of recovery. According to data from the Beijing Municipal Commission of Housing and Urban-Rural Development, from October 1 to 7, Beijing's new home transactions totaled 1,008 units, up 161.1% year-on-year and up 40.8% month-on-month. According to local housing and urban-rural development commissions, new home transaction volumes in Hangzhou, Nanjing, and Wuhan were 86, 587, and 783 units, respectively, up 196.6%, 325.4%, and 59.5% year-on-year. JPMorgan released a research report stating that preliminary sales data for the mainland residential market during the National Day Golden Week were encouraging, with real-time second-hand transactions in 26 cities up 59% year-on-year, property viewings in 44 cities up 16% year-on-year, and new home subscriptions up 15% year-on-year. This is not surprising, as the first week after the mortgage subsidy policy took effect on October 1 reflects an immediate reaction following the implementation of national policies. The real question lies in sustainability one to two months later.