HK Stock Market Move | Mainland property stocks lead gains; Shiyan issues detailed rules for completed-home sales; enforcement in lower-tier cities becoming more flexible.

Mainland property stocks lead gains. As of press time, GREENTOWN CHINA (03900) rose 7.49% to HK$5.815; C&D INTL GROUP (01908) rose 4.73% to HK$13.07; CHINA RES LAND (01109) rose 4.00% to HK$30.68; CHINA VANKE (02202) rose 3.98% to HK$2.35. On the news front, on October 21, Shiyan issued detailed rules for the "828" new property policy, becoming the first third- and fourth-tier city to implement the new policy and the ninth city nationwide to issue implementation rules. The China Index Academy believes that Shiyan, as the first third- and fourth-tier city to issue detailed rules, has been given greater flexibility in policy space and also provides a reference for more lower-tier cities. Orient pointed out that compared with other first- and second-tier cities that have issued detailed rules, Shiyan has adopted differentiated arrangements in areas such as transitional project arrangements and supporting construction requirements, offering greater room for relaxation. It is currently the only city that allows some transitional projects without pre-sale permits to receive loan disbursements under the old rules, and the only city to formulate clauses lowering supporting construction requirements. Going forward, enforcement in high-inventory and lower-tier cities may become more flexible, and the market may further lower expectations for the negative impact of the new policy on property developers.