Yanlord +7.6% On China’s New Property Measures

0254 GMT [Dow Jones] Yanlord Land (Z25.SG) top percentage gainer on STI, +7.6% at 2-month high of S$0.925, boosted by new measures by China to support ailing property market. Among measures, anyone who has owned a home for at least 2 years (vs at least 5 years previously) can now sell it without having to pay tax, while those selling a home less than 2 years after buying it will pay taxes only on profit, not on total sales price. Developers will also get aid in securing loans from banks. “With the introduction of new stimulus policies, property stocks would react positively in the near term,” says UOB KayHian, but adds China’s economic slowdown, challenging employment situation still raise concerns on whether new measures can boost sustainable sales. Resistance likely at S$1.00, last tested in mid-October. (FKH)