Property shares in Hong Kong jump after China cuts key mortgage rate

Shares of Chinese property developers have jumped in Hong Kong as China’s central bank cut a key mortgage rate for the first time in almost two years.

The decision comes as concerns grow about a slowdown in the world’s second largest economy amid Omicron outbreaks.

At the same time major Chinese property firms, like crisis-hit Evergrande, are struggling to make debt repayments.

–BBC

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