Oct. 28 (Bloomberg) -- The Shanghai Property Index jumped as much as 6.2 percent, most in two years, after a newspaper reported Beijing may lower land bidding deposits.
Poly Real Estate Group Co. jumped 5.1 percent to 10.24 yuan as of 10:37 a.m. local time, heading for the highest close since Sept. 21. Gemdale Corp. climbed 6.3 percent to 5.21 yuan and Beijing Vantone Real Estate Co. rose 9.8 percent to 4.37 yuan.
In Hong Kong, China Overseas Land & Investment Ltd. rose 6.7 percent to HK$15.68 and Soho China Ltd. added 5.9 percent to HK$5.
Deposits for bidding on land for residential developments may be lowered to 20%, Beijing Business Today reported, without saying where it got the information. Deposits have been as high as 60 percent, according to the newspaper. Payment schedules may be relaxed and land prices may also be lowered if the market is weak, according to the report.
To contact the editor responsible for this story: Gregory Turk at email@example.com