Asian share markets have taken comfort from China’s support for its property sector but uncertainty remains over the impact of Beijing’s zero-COVID policy.
Asia shares buoyed by China property rally
Asian shares have edged higher as Beijing’s latest move to support developers boosted the property sector, though it was still not clear what new damage public unrest over China’s zero-COVID policy might do to the economy.
Shares of Chinese property companies surged on Tuesday after the country’s securities regulator lifted a ban on equity refinancing for listed property firms.
That helped Chinese blue chips bounce 1.1 per cent, while MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.7 per cent.
Japan’s Nikkei lagged with a drop of 0.4 per cent, while South Korea firmed 0.3 per cent.