China property shares rise on easing of mortgage rules for some buyers

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HONG KONG (Reuters) - Shares of Chinese property developers climbed on Friday, lifted by more state support measures to bolster the highly indebted sector as China prepares to reopen its pandemic-hit economy.

Hong Kong's Hang Seng Mainland Properties Index rose close to 4% shortly after the market opened, outperforming a 0.3% increase in the broader market, though gains fell back to 0.5% by 0223 GMT. Logan Group jumped 11%, while CIFI Holdings gained 6.3%.

The central bank said on Thursday that for cities where the selling prices of new homes fall month-on-month and year-on-year for three consecutive months, the floor on mortgage rates can be lowered or abolished for first-time home buyers in phases.

The property sector, which accounts for a quarter of China's massive economy, was badly hit last year after developers were unable to finish building projects that led to mortgage boycotts by some home buyers. Lockdowns and movement control measures to control the spread of COVID-19 also hurt buyer sentiment.

The housing authorities also vowed to give strong support to first-time home buyers by allowing smaller down payments and cutting mortgage interest rates.

Ni Hong, head of China's housing regulator, told state broadcaster CCTV that "reasonable" support needs to be given to buyers of second homes although not for the purchase of three homes or more.