Property developers lead rally on bourses

Shares of real estate companies rallied on Monday, fueled by sound annual sales performance and signals of removing home-purchase restrictions in some parts of the country. By Jan 5, 22 listed property companies on the mainland announced annual sales of 2.92 trillion yuan ($449 billion) for last year, an increase of 52. 54 percent compared with 2016. Contracted sales of Country Garden Holdings Co topped the industry for the first time, totaling 550.8 billion yuan. Boosted by the sales performance, its shares rocketed 9.7 percent on Monday, closing at 17.42 yuan. China Vanke Co, ranked second, achieved annual sales of 530 billion yuan in 2017, up 45.3 percent.