News Snapshot:
The shares of Chinese property developers rose in Hong Kong on Monday on media reports that China’s State Council, the country’s cabinet, was stepping up efforts to bail out the sector with a fund that could be amount to as much as US$12 billion. The Hang Seng Mainland Properties Index rose by as much as 5.5 per cent in the morning session. It had plunged by 30 per cent in the past month. The rally came after the State Council approved a plan to set up a fund to support distressed real estate firms, distressed debt media REDD said citing...
