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Yahoo
a day ago
- Business
- Yahoo
Zacks Industry Outlook Highlights Annaly Capital Management, Dynex Capital and Ellington Financial
Chicago, IL – July 15, 2025 – Today, Zacks Equity Research discusses Annaly Capital Management NLY, Dynex Capital, Inc. DX and Ellington Financial LLC EFC. Link: The Zacks REIT and Equity Trust industry is facing volatility in mortgage rates due to macroeconomic uncertainty. With rates likely to remain relatively higher, the industry players will continue to face earnings pressure in the near term. However, despite ongoing affordability challenges in the housing market, purchase originations and refinancing activities are witnessing an improving trend. With this, companies like Annaly Capital Management, Dynex Capital, Inc. and Ellington Financial LLC are well-poised to navigate industry challenges. The Zacks REIT and Equity Trust industry comprises mortgage REITs, also known as mREITs. Industry participants invest in and originate mortgages and mortgage-backed securities (MBS), and provide mortgage credit for homeowners and businesses. Typically, these companies focus on either the residential or commercial mortgage markets. Some invest in both markets through asset-backed securities. Agency securities are backed by the federal government, making them safer bets and limiting credit risks. Such REITs raise funds in the debt and equity markets through common and preferred equity, repurchase agreements, structured financing, convertible and long-term debt, and other credit facilities. The net interest margin (NIM), the spread between interest income on mortgage assets and securities held, as well as funding costs, is a key revenue metric for mREITs. Industry Resorts to Dividend Cuts as Book Values Erode:Volatility in the mortgage markets, relatively high interest rates and the widening of the spread between the 30-year Agency MBS and 10-year treasury rate are affecting valuations of Agency mortgage-backed securities. As such, agency mortgage REITs are witnessing slight tangible book value decreases as spreads on benchmark indices have widened, but have been more stable than the volatility in 2023. Though the central bank lowered interest rates by 100 basis points in 2024, it has kept them steady since then, given uncertainty related to tariffs and their impact on the economy and inflation. This will increase earnings pressure for highly leveraged mREITs. This scenario compels industry players to reduce the dividend to a level that can be covered by earnings. This may result in capital outflows from the industry, resulting in greater book value declines for companies in the near term. Conservative Approach to Impede Returns:The scenario in mortgage markets, uncertain financial conditions and resultant lower fixed-income fund flows have strained credit-risky assets. Given this, mREITs are likely to be selective in their investments, resulting in lower portfolio growth. Also, numerous industry players have resorted to a higher hedge ratio to reduce interest rate risks. While such moves may seem prudent in the ongoing uncertain times, they will impede growth. As companies prioritize risk and liquidity management over incremental returns, at least in the short term, robust returns are expected to remain elusive. Relatively Lower Mortgage Rate to Aid Loan Demand: Despite interest rate cuts by the Federal Reserve in 2024, mortgage rates are not witnessing a significant decline but are relatively lower than last year. As such, purchase applications and refinancing activities are showing signs of improvement, indicating some latent demand in the market. With improving demand for originations and refinancing, operational and financial challenges for mREIT industry players will decline, increasing the gain on sale margin and investment activities. The Zacks REIT and Equity Trust industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #162, which places it in the bottom 34% of 246 Zacks industries. The group's Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates underperformance in the near term. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. The industry's positioning in the bottom 50% of the Zacks-ranked industries is an outcome of the negative earnings outlook for the constituent companies. Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually losing confidence in this group's earnings growth potential. The industry's current-year earnings estimate moved 6.5% down over the last year. Before we present a few stocks that you may want to consider for your portfolio, let us take a look at the industry's recent stock-market performance and valuation picture. The Zacks REIT and Equity Trust industry has underperformed the broader Zacks Finance sector and the S&P 500 composite in the past year. The industry has gained 2.7% in the above-mentioned period compared with the broader sector's rise of 18.7%. Further, the S&P Index has grown 12.5% over the past year. Based on the trailing 12-month price-to-book (P/BV), which is a commonly used multiple for valuing mREITs, the industry is trading at 1.00X compared with the S&P 500's 8.42X. In the past five years, the industry has traded as high as 1.06X, as low as 0.70X and at the median of 0.90X. As finance stocks typically have a low P/BV ratio, comparing REIT and Equity Trust with the S&P 500 might not make sense to many investors. A comparison of the group's P/BV ratio with that of the broader sector ensures that the group is trading at a solid discount. The Zacks Finance sector's trailing 12-month P/BV came in at 4.26X. This is above the Zacks REIT and Equity Trust industry's ratio. Annaly:The company's investment strategy is driven by the prudent selection of assets and effective capital allocation to achieve stable returns. Its investment strategy involves traditional Agency MBSs, which provide downside protection and investments in more non-agency and credit-focused asset classes that enhance returns. Also, a scaled MSR platform will continue to benefit from a low prepayment environment. The company is focusing on improving its capabilities by acquiring newly originated MSRs from its partner network, which will continue to provide a strong advantage in expanding its MSR business. As of March 31, 2025, its investment portfolio aggregated $84.9 billion. NLY's diversified investment strategy will likely be a key contributor to long-term growth and stability. By diversifying its investments across the mortgage market, the company is better positioned to capitalize on opportunities as they occur in multiple areas while limiting the risks associated with overexposure to any particular location. The company's 2025 earnings have been unchanged at $2.87 per share over the past month. It indicates a year-over-year rise of 6.3%. NLY currently has a Zacks Rank of #3 (Hold) and a market capitalization of $11.6 billion. Dynex Capital: This is a mortgage and consumer finance company that uses its loan production operations to create investments for its portfolio. Currently, the company's primary production operations include the origination of mortgage loans secured by multi-family properties and the origination of loans secured by manufactured homes. The company has recently expanded its production activities to include commercial real estate loans and plans to expand into other financial products going forward. DX uses certain derivative instruments ("interest rate hedges") to hedge exposure to interest rate risks arising from its investment and financing portfolio. The company's interest income continues to increase, driven by its purchases of higher-coupon investments in the past year. Also, expected Fed rate cuts later this year will support its interest income. The company's 2025 earnings estimates have been unchanged at $1.97 per share over the past month. It indicates a year-over-year jump of 662.9%. DX has a Zacks Rank of #3 at present and a market capitalization of $1.37 billion. Ellington Financial: The company invests in a diverse array of financial assets. These include residential and commercial mortgage loans and mortgage-backed securities, consumer loans, and asset-backed securities. The assets are supported by consumer loans, collateralized loan obligations, non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments. EFC is well-positioned to weather volatility in the mortgage market, supported by its diversified exposure across residential and commercial mortgage loan portfolios and strong momentum in its securitization platform. The company's loan originations, especially in commercial mortgage bridge loans, proprietary reverse mortgages and closed-end second lien loans, continue to contribute to stable growth and income. To navigate market uncertainty, Ellington Financial is actively leveraging dynamic hedging strategies, maintaining a broad and balanced portfolio, securing multiple sources of financing, and operating with low leverage. These measures reflect a disciplined approach to risk management and a commitment to preserving book value while adapting to shifting market conditions. The company's 2025 earnings estimates have been unchanged at $1.65 per share over the past month, indicating year-over-year growth of 13%. EFC has a Zacks Rank of #2 (Buy) at present and a market capitalization of $1.25 billion. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Research Chief Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months. Free: See Our Top Stock And 4 Runners Up Join us on Facebook: Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates. Media Contact Zacks Investment Research 800-767-3771 ext. 9339 support@ Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit for information about the performance numbers displayed in this press release. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ellington Financial Inc. (EFC) : Free Stock Analysis Report Annaly Capital Management Inc (NLY) : Free Stock Analysis Report Dynex Capital, Inc. (DX) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CNN
3 days ago
- Business
- CNN
Mamdani win sends jitters through NYC luxury real estate market
CNN — In the days after Zohran Mamdani won the Democratic primary for mayor of New York City last month, Jay Batra, a real estate broker in the city, felt his business take a hit. Two separate clients working with Batra to buy multimillion dollar properties in Manhattan told Batra they were putting their plans on pause, citing wariness about New York's political environment, he told CNN. 'A lot of the affluent clientele and luxury buyers have become a little more cautious in their approach,' Batra said. 'The more traction (Mamdani) gained, it went from a little concern to 'wow, where is the city going?'' Since Mamdani, a 33-year-old democratic socialist, roundly won New York's mayoral primary in late June, several real estate professionals told CNN that high-end buyers have begun pausing their decision-making, uncertain about the potential impact of Mamdani's proposed policies. They also said his victory has prompted some wealthy New Yorkers who disagree with his politics to accelerate their plans to leave the city. Mamdani, a state assemblyman from Queens, has proposed charging New Yorkers earning above $1 million a flat 2% tax. He also has a slate of housing proposals, including a pledge to freeze rents on rent-stabilized apartments, massive public housing construction and renovation, and tougher landlord oversight. Even if Mamdani becomes mayor, though, his proposals still might not become reality, depending on a number of factors. Still, his primary victory has some of Batra's clients spooked. 'Nobody really wants their taxes to go up,' Batra said. Some wealthy New Yorkers eye an exit New York City is home to one of the world's most prominent luxury housing markets. It's a place where people in sparkling luxury towers live side by side with working-class residents struggling to keep up with soaring rents and a rising cost of living. The city's real estate story is one of extremes. Across various private New York Facebook groups viewed by CNN, such as those for residents of the Upper East Side, some users have anonymously discussed potential plans to move out of the city following Mamdani's primary win. So far, the stories are anecdotal, and there is a long-standing tradition in the US of people threatening to move if political outcomes don't go their way. Housing data show a mixed picture. Data from Redfin provided to CNN shows a slight drop in pending sales for the week of June 29 to July 5, compared to weeks prior (the primary was held on June 24), but it remains to be seen whether the trend will hold. Notably, Redfin data shows significantly fewer deals fell through that week compared to some weeks in April and May, when economic uncertainty fueled by President Donald Trump's tariff announcements caused swings in the stock market and stalled homebuying across the country. Mamdani's housing and economic proposals come at a time when New York rents continue to climb. In the first quarter of this year, the median asking rent in the city was $3,397, a 5.6% increase from a year before, and a more than 18% increase since the start of 2020, according to although the first quarter of 2020 includes a few days of pandemic-era lockdowns. Batra said some clients who had been planning to buy small apartment buildings for rental income are now reconsidering because of the proposed rent freeze. Frances Katzen, a real estate agent in New York, said she's been fielding calls from wealthy Manhattanites since the primary. 'This process has been eye-opening for so many people, and I have been getting so many different reach-outs from the most random people from all segments, saying, 'I want to sell,'' Katzen said. Her clientele consists of New Yorkers living in apartments valued at $4 million and up, she told CNN. After the election, Katzen said one client texted a photo of their new baby and wrote, 'Where should we go, and how much would it cost?' Florida braces for impact Real estate agents in Florida expect the state to benefit from this angst. Agents in Florida told CNN they are bracing for another wave of New Yorkers to relocate to the state, like the surge Florida experienced in the early years of the Covid-19 pandemic. Between April 2020 and July 2024, Florida's population grew by more than 8%, making it the fastest-growing state in the US during that time period, according to the US Census Bureau. For some agents, the calls from New Yorkers have already started coming in. Samantha Curry, executive director of luxury sales within Douglas Elliman's Palm Beach division, said she's already fielded multiple calls from clients in New York City who are exploring purchasing property in the area since Mamdani's primary win. One client she spoke to initially contacted her over three months ago, looking to purchase a pre-construction condo. His search 'wasn't very focused and there wasn't a sense of urgency,' she said. When she spoke to him after Mamdani clinched the Democratic mayoral ticket, 'you could definitely tell he wants to be prepared and he's a little more dialed in on making a decision sooner than later,' Curry said. He mentioned the election results during their conversation and said he hoped to get ahead of other New Yorkers who may also want to move to Palm Beach if Mamdani wins the general election in November, she told CNN. During the early years of the pandemic, Florida's warm weather and lax Covid-19 restrictions, combined with the rise of remote work, drew a wave of East Coast transplants. As a result, the median sales price of a home in Florida surged more than 60% between May 2020 and May 2024, according to Redfin data. The boom has since cooled, though. Many of the state's coastal cities, prone to climate change-fueled hurricanes and floods, are now facing soaring home insurance premiums. In cities like Miami and Cape Coral, record numbers of homes are hitting the market as rising insurance costs and property taxes push existing homeowners to sell and deter potential buyers. Still, real estate developer Isaac Toledano said he's been surprised by the level of interest in his South Florida condos since Mamdani's win, especially since the summer months are a historically slow time for Florida real estate deals due to the heat. 'Because of what has happened in the last few weeks, it's looking like we're going to have a very, very busy summer,' Toledano said.
CNN
3 days ago
- Business
- CNN
New York real estate agents fear exodus of high-net worth residents after Mamdani win
In the days after Zohran Mamdani won the Democratic primary for mayor of New York City last month, Jay Batra, a real estate broker in the city, felt his business take a hit. Two separate clients working with Batra to buy multimillion dollar properties in Manhattan told Batra they were putting their plans on pause, citing wariness about New York's political environment, he told CNN. 'A lot of the affluent clientele and luxury buyers have become a little more cautious in their approach,' Batra said. 'The more traction (Mamdani) gained, it went from a little concern to 'wow, where is the city going?'' Since Mamdani, a 33-year-old democratic socialist, roundly won New York's mayoral primary in late June, several real estate professionals told CNN that high-end buyers have begun pausing their decision-making, uncertain about the potential impact of Mamdani's proposed policies. They also said his victory has prompted some wealthy New Yorkers who disagree with his politics to accelerate their plans to leave the city. Mamdani, a state assemblyman from Queens, has proposed charging New Yorkers earning above $1 million a flat 2% tax. He also has a slate of housing proposals, including a pledge to freeze rents on rent-stabilized apartments, massive public housing construction and renovation, and tougher landlord oversight. Even if Mamdani becomes mayor, though, his proposals still might not become reality, depending on a number of factors. Still, his primary victory has some of Batra's clients spooked. 'Nobody really wants their taxes to go up,' Batra said. New York City is home to one of the world's most prominent luxury housing markets. It's a place where people in sparkling luxury towers live side by side with working-class residents struggling to keep up with soaring rents and a rising cost of living. The city's real estate story is one of extremes. Across various private New York Facebook groups viewed by CNN, such as those for residents of the Upper East Side, some users have anonymously discussed potential plans to move out of the city following Mamdani's primary win. So far, the stories are anecdotal, and there is a long-standing tradition in the US of people threatening to move if political outcomes don't go their way. Housing data show a mixed picture. Data from Redfin provided to CNN shows a slight drop in pending sales for the week of June 29 to July 5, compared to weeks prior (the primary was held on June 24), but it remains to be seen whether the trend will hold. Notably, Redfin data shows significantly fewer deals fell through that week compared to some weeks in April and May, when economic uncertainty fueled by President Donald Trump's tariff announcements caused swings in the stock market and stalled homebuying across the country. Mamdani's housing and economic proposals come at a time when New York rents continue to climb. In the first quarter of this year, the median asking rent in the city was $3,397, a 5.6% increase from a year before, and a more than 18% increase since the start of 2020, according to although the first quarter of 2020 includes a few days of pandemic-era lockdowns. Batra said some clients who had been planning to buy small apartment buildings for rental income are now reconsidering because of the proposed rent freeze. Frances Katzen, a real estate agent in New York, said she's been fielding calls from wealthy Manhattanites since the primary. 'This process has been eye-opening for so many people, and I have been getting so many different reach-outs from the most random people from all segments, saying, 'I want to sell,'' Katzen said. Her clientele consists of New Yorkers living in apartments valued at $4 million and up, she told CNN. After the election, Katzen said one client texted a photo of their new baby and wrote, 'Where should we go, and how much would it cost?' Real estate agents in Florida expect the state to benefit from this angst. Agents in Florida told CNN they are bracing for another wave of New Yorkers to relocate to the state, like the surge Florida experienced in the early years of the Covid-19 pandemic. Between April 2020 and July 2024, Florida's population grew by more than 8%, making it the fastest-growing state in the US during that time period, according to the US Census Bureau. For some agents, the calls from New Yorkers have already started coming in. Samantha Curry, executive director of luxury sales within Douglas Elliman's Palm Beach division, said she's already fielded multiple calls from clients in New York City who are exploring purchasing property in the area since Mamdani's primary win. One client she spoke to initially contacted her over three months ago, looking to purchase a pre-construction condo. His search 'wasn't very focused and there wasn't a sense of urgency,' she said. When she spoke to him after Mamdani clinched the Democratic mayoral ticket, 'you could definitely tell he wants to be prepared and he's a little more dialed in on making a decision sooner than later,' Curry said. He mentioned the election results during their conversation and said he hoped to get ahead of other New Yorkers who may also want to move to Palm Beach if Mamdani wins the general election in November, she told CNN. During the early years of the pandemic, Florida's warm weather and lax Covid-19 restrictions, combined with the rise of remote work, drew a wave of East Coast transplants. As a result, the median sales price of a home in Florida surged more than 60% between May 2020 and May 2024, according to Redfin data. The boom has since cooled, though. Many of the state's coastal cities, prone to climate change-fueled hurricanes and floods, are now facing soaring home insurance premiums. In cities like Miami and Cape Coral, record numbers of homes are hitting the market as rising insurance costs and property taxes push existing homeowners to sell and deter potential buyers. Still, real estate developer Isaac Toledano said he's been surprised by the level of interest in his South Florida condos since Mamdani's win, especially since the summer months are a historically slow time for Florida real estate deals due to the heat. 'Because of what has happened in the last few weeks, it's looking like we're going to have a very, very busy summer,' Toledano said.
CNN
3 days ago
- Business
- CNN
New York real estate agents fear exodus of high-net worth residents after Mamdani win
In the days after Zohran Mamdani won the Democratic primary for mayor of New York City last month, Jay Batra, a real estate broker in the city, felt his business take a hit. Two separate clients working with Batra to buy multimillion dollar properties in Manhattan told Batra they were putting their plans on pause, citing wariness about New York's political environment, he told CNN. 'A lot of the affluent clientele and luxury buyers have become a little more cautious in their approach,' Batra said. 'The more traction (Mamdani) gained, it went from a little concern to 'wow, where is the city going?'' Since Mamdani, a 33-year-old democratic socialist, roundly won New York's mayoral primary in late June, several real estate professionals told CNN that high-end buyers have begun pausing their decision-making, uncertain about the potential impact of Mamdani's proposed policies. They also said his victory has prompted some wealthy New Yorkers who disagree with his politics to accelerate their plans to leave the city. Mamdani, a state assemblyman from Queens, has proposed charging New Yorkers earning above $1 million a flat 2% tax. He also has a slate of housing proposals, including a pledge to freeze rents on rent-stabilized apartments, massive public housing construction and renovation, and tougher landlord oversight. Even if Mamdani becomes mayor, though, his proposals still might not become reality, depending on a number of factors. Still, his primary victory has some of Batra's clients spooked. 'Nobody really wants their taxes to go up,' Batra said. New York City is home to one of the world's most prominent luxury housing markets. It's a place where people in sparkling luxury towers live side by side with working-class residents struggling to keep up with soaring rents and a rising cost of living. The city's real estate story is one of extremes. Across various private New York Facebook groups viewed by CNN, such as those for residents of the Upper East Side, some users have anonymously discussed potential plans to move out of the city following Mamdani's primary win. So far, the stories are anecdotal, and there is a long-standing tradition in the US of people threatening to move if political outcomes don't go their way. Housing data show a mixed picture. Data from Redfin provided to CNN shows a slight drop in pending sales for the week of June 29 to July 5, compared to weeks prior (the primary was held on June 24), but it remains to be seen whether the trend will hold. Notably, Redfin data shows significantly fewer deals fell through that week compared to some weeks in April and May, when economic uncertainty fueled by President Donald Trump's tariff announcements caused swings in the stock market and stalled homebuying across the country. Mamdani's housing and economic proposals come at a time when New York rents continue to climb. In the first quarter of this year, the median asking rent in the city was $3,397, a 5.6% increase from a year before, and a more than 18% increase since the start of 2020, according to although the first quarter of 2020 includes a few days of pandemic-era lockdowns. Batra said some clients who had been planning to buy small apartment buildings for rental income are now reconsidering because of the proposed rent freeze. Frances Katzen, a real estate agent in New York, said she's been fielding calls from wealthy Manhattanites since the primary. 'This process has been eye-opening for so many people, and I have been getting so many different reach-outs from the most random people from all segments, saying, 'I want to sell,'' Katzen said. Her clientele consists of New Yorkers living in apartments valued at $4 million and up, she told CNN. After the election, Katzen said one client texted a photo of their new baby and wrote, 'Where should we go, and how much would it cost?' Real estate agents in Florida expect the state to benefit from this angst. Agents in Florida told CNN they are bracing for another wave of New Yorkers to relocate to the state, like the surge Florida experienced in the early years of the Covid-19 pandemic. Between April 2020 and July 2024, Florida's population grew by more than 8%, making it the fastest-growing state in the US during that time period, according to the US Census Bureau. For some agents, the calls from New Yorkers have already started coming in. Samantha Curry, executive director of luxury sales within Douglas Elliman's Palm Beach division, said she's already fielded multiple calls from clients in New York City who are exploring purchasing property in the area since Mamdani's primary win. One client she spoke to initially contacted her over three months ago, looking to purchase a pre-construction condo. His search 'wasn't very focused and there wasn't a sense of urgency,' she said. When she spoke to him after Mamdani clinched the Democratic mayoral ticket, 'you could definitely tell he wants to be prepared and he's a little more dialed in on making a decision sooner than later,' Curry said. He mentioned the election results during their conversation and said he hoped to get ahead of other New Yorkers who may also want to move to Palm Beach if Mamdani wins the general election in November, she told CNN. During the early years of the pandemic, Florida's warm weather and lax Covid-19 restrictions, combined with the rise of remote work, drew a wave of East Coast transplants. As a result, the median sales price of a home in Florida surged more than 60% between May 2020 and May 2024, according to Redfin data. The boom has since cooled, though. Many of the state's coastal cities, prone to climate change-fueled hurricanes and floods, are now facing soaring home insurance premiums. In cities like Miami and Cape Coral, record numbers of homes are hitting the market as rising insurance costs and property taxes push existing homeowners to sell and deter potential buyers. Still, real estate developer Isaac Toledano said he's been surprised by the level of interest in his South Florida condos since Mamdani's win, especially since the summer months are a historically slow time for Florida real estate deals due to the heat. 'Because of what has happened in the last few weeks, it's looking like we're going to have a very, very busy summer,' Toledano said.
Bloomberg
10-07-2025
- Business
- Bloomberg
Chinese Property Shares Surge on Reports of Unverified Meeting
A gauge of Chinese property shares posted its biggest gain in nearly nine months, fueled by speculation a high-level meeting will be held next week to help revive the struggling sector. Shares of Logan Group Co. jumped as much as 85% in Hong Kong, while Sino-Ocean Group Holding Ltd. surged by 37%. The stocks were the top gainers in a Bloomberg Intelligence index of real estate stocks, which was up more than 11%.
