HONG KONG, Sept 30 Reuters Shares of China39;s property developers soared on Monday, with broad doubledigit gains, as investors cheered easier home purchase rules in major cities and Beijing39;s latest burst of stimulus to boost confidence in the depressed sector and the economy.

China39;s Politburo pledged last week to strive to achieve the 2024 economic growth target of roughly 5 and halt declines in the housing market, two days after the central bank unveiled its biggest stimulus since the pandemic.

Hong Kong39;s Hang Seng Mainland Properties Index jumped more than 8 by midday, and the mainland39;s CSI 300 Real Estate index rose 7.6.

The Hong Kong subindex has surged 40 since last Tuesday following the central bank39;s latest economic support measures.

Its really a big turnaround, the policies are so intensive, we have never seen such clear instruction to stop housing prices declining and support the stock market, said Dickie Wong, executive director of research at Kingston Securities.

Guangzhou on Sunday became the first toptier city to lift all restrictions on home purchase, while Shanghai and Shenzhen said they would ease curbs on housing purchases by nonlocal buyers and lower the minimum downpayment ratio for first homebuyers to no less than 15.

Spurred by the supportive measures, some new launches in major cities led by Shanghai were quickly sold out, according to media reports, while some developers decided to increase the selling price of their projects….