Hong Kong Stock Market News | Real estate stocks open high, SUNAC up nearly 7%, regulatory authorities are reportedly drafting a list of 50 real estate companies eligible for financing.

Zhitong App learned that the real estate stocks opened higher across the board. As of the time of writing, Sunac China (01918) rose 6.87% to HKD 2.49; Xinhu Zhongbao (01030) rose 6.35% to HKD 1.34; Longfor Group (00960) rose 5.99% to HKD 13.8; Country Garden (02007) rose 3.9% to HKD 0.8; Agile Group (03383) rose 3.7% to HKD 0.84; and Vanke (02202) rose 3.68% to HKD 8.17.

In terms of news, market sources revealed that regulatory authorities are drafting a white list of Chinese real estate developers. It is expected that around 50 state-owned and private real estate companies will be included in the list. These companies will receive support in various aspects, including credit, debt, and equity financing. The scope of this list is broader than that of the high-quality real estate companies identified at the beginning of this year.

In addition, Sunac China announced last night that all conditions for the restructuring of its overseas debt have been met and will officially take effect from November 20, 2023. This makes Sunac the first large-scale real estate company to complete all procedures for debt restructuring both domestically and internationally. Sunac China revealed that with the implementation of the restructuring, it will resolve approximately RMB 90 billion of debt risks.