China’s stocks rose to a 19-month high, led by developers, after policy makers eased real-estate curbs for the first time since the global financial crisis.
China Vanke Co. (000002) and Poly Real Estate Group Co., the biggest developers, both advanced at least 2.3 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 7.4 percent advance. Jiangxi Copper Co. and PetroChina Co. declined at least 1.8 percent in Hong Kong after the International Monetary Fund cut its world growth outlook.
The Shanghai Composite Index (SHCOMP) climbed 0.3 percent to 2,370.34 as of 1:06 p.m., supported by a 1.4 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.
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