Chinese Stocks Rally in Hong Kong After Beijing Cuts Key Rates

“People are taking the view that China will do more to stimulate its economy,” said Justin Tang, head of Asian research at United First Partners, a boutique hedge-fund advisory firm. He added that rate cuts were taken by some investors as a signal to scoop up beaten-down stocks that earlier sold off sharply.

However, the run-up wasn’t matched by onshore Chinese markets, suggesting domestic investors in China were less impressed by the central bank’s action. The Shanghai Composite Index closed about 0.1% lower and the CSI 300 index gained just 0.9%. On Wednesday, Reuters reported that Chinese authorities could introduce new rules on developers’ access to funds held in escrow as soon as this month.

Real-estate companies have to deposit a large share of the payments they receive for unfinished properties into these accounts, which are managed by local governments. In recent months, authorities have been tough about releasing funds from these accounts, adding to developers’ cash-flow problems.that it would join the lengthening list of Chinese developers that have defaulted on their dollar debts.

Despite the surge this week in property stocks and bonds, debt from many developers is still trading at deeply distressed levels. Several bonds from weaker developers, including Aoyuan and

Hong Kong stock market been jumping from cliff during the past few years.

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