China's top home developer Vanke says property market has bottomed

China's top home developer Vanke says property market has bottomed

An employee walks past a logo of Vanke at its headquarters in Shenzhen, south China's Guangdong province, November 2, 2015. REUTERS/Tyrone Siu

Major homebuilder China Vanke Co said the property market has bottomed in the short term, with a clear month-on-month rise in sales in June, sparking a property sector rally in Wednesday morning trade.

Yu Liang, chairman of China’s No.2 developer, cautioned the recovery will be slow and mild, but his comments helped drive the mainland’s CSI Real Estate Index up 6%, while Hong Kong’s Hang Seng Mainland Properties Index rose over 1%.

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