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Chinese property stocks rally as banks pledge $38bn in support

Credit lines to developers is latest policy aimed at reviving sector

A construction site in Shanghai in 2017: Chinese property shares, including China Vanke and Country Garden, jumped on Nov. 24 after major banks promised more lending for developers.   © Reuters

HONG KONG (Reuters) -- Chinese property shares jumped on Thursday after the country's biggest commercial banks agreed to provide at least $38 billion in fresh credit lines to cash-strapped developers, adding to recent regulatory support measures to revive their business.

The stock prices of China Vanke, Country Garden, China Overseas Land, China Resources Land, CIFI Holdings and Greentown China rose between 3.4% and 11.1% in Hong Kong.

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