According to Bloomberg, Chinese regulators were drafting a list of 50 eligible property developers that would have access to financing, including companies like China Vanke and Longfor Group.
Additionally, South Korea’s producer prices came into focus as they recorded a slower rate of increase for October.
“Chinese markets found support from the property sector, while the ASX 200 benefitted from strength in the mining and materials sectors, despite a hint of hawkishness in the Reserve Bank of Australia’s tone,” said TickMill market analyst Patrick Munnelly.
“The Nikkei 225 faced uncertainty amid recent strength in the yen, but a decline in Japanese government bond (JGB) yields provided some relief.
“The Hang Seng and Shanghai Composite both saw positive momentum fueled by optimism surrounding property stocks.”
Munnelly noted that reports were that China was drafting a “whitelist” of 50 developers eligible for a boost in financing.
“Furthermore, China has called on government officials to increase financial support for the economy and is actively working on strengthening major economic strategies.”
Markets close mixed after largely positive trading session
In Japan, the Nikkei 225 index dipped by 0.1% to settle at 33,354.14, while the Topix index also saw a slight decline of 0.2%, closing at 2,367.79.
Notable stock movements on Tokyo’s benchmark included GS Yuasa, which fell by 10.82%; Mazda Motor, with a 4.5% drop; and Itochu, down by 3.66%.
The Chinese markets exhibited a mixed trend, with the Shanghai Composite showing a minimal decline of 0.01% to end at 3,067.93, while the Shenzhen Component index slipped by 0.26% to reach 9,997.09.
Key stock movers in Shanghai included EmbedWay Technologies, which recorded a 10.01% decrease, and Duolun Technology with a 7.98% decline.
Hong Kong’s Hang Seng Index experienced a decrease of 0.25%, closing at 17,733.89.
Notable decliners included Xiaomi, down by 4.94%, Lenovo Group, with