Shares of Singapore-listed Chinese property developer Yanlord Land Group (YNLG.SI) jumped as much as 5.9% on Thursday, boosted by news that China had cut its reserve requirement ratio for banks.
At 9:30 a.m., shares of Yanlord Land were 4.9% higher at $1.07 with over 11.1 million shares changing hands. Another Chinese real estate company Ying Li International (YING.SI) surged 5.9% to S$0.27.
Both outperformed the benchmark Straits Times Index’s <.FTSTI> 2.5% gain.
The People’s Bank of China cut the reserve requirement ratio for commercial lenders for the first time in three years late on Wednesday.
The move was seen by some market watchers as a sign of long-awaited policy easing, and was followed by a co-ordinated effort by global central banks to ease dollar-funding costs.
“The rate cut by China will boost liquidity, and may make it easier for property developers to do some borrowing, thus boosting sentiment in their shares today,” said a local dealer.
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