China property shares jump on report of government plans to buy homes

HONG KONG - Shares of Chinese property developers rallied on Thursday after a report that China was considering a plan for local governments across the country to buy millions of unsold homes from distressed companies to ease a protracted property crisis.

Hong Kong's Hang Seng Mainland Properties Index closed up 4.9% to the highest since November 24. The sub-index has gained around 30% since mid-April, when the m