China property stocks move on easier buying restrictions By Reuters

HONG KONG (Reuters) – Shares in China’s property developers rose on Monday after top cities such as Guangzhou lifted all restrictions on home purchases over the weekend, while Shanghai and Shenzhen announced plans to reduce essential purchase restrictions.

Hong Kong’s mainland property index gained more than 10 percent, and the mainland’s CSI 300 property index rose about 9 percent.

China’s central bank also said on Sunday it would tell banks to cut mortgage rates on existing home loans before Oct. 31 as part of broad policies to support the country’s beleaguered housing market as the economy slows.