China property stocks rally on financing whitelist

The news: Property bonds and stocks in China have rallied on news regulators were drafting a list of 50 real estate firms eligible for financing as Beijing tries to prop up the ailing sector. The list includes both public and private sector firms and is intended to guide financial institutions considering lending funds to industry players.

The numbers: A Bloomberg gauge of China developer stocks gained 7.6% in its best day since September, led by Sunac China Holdings, which surged as much as 27%.

The context: China's property market has been struggling in the aftermath of a credit crunch which began three years ago, with some of its biggest developers now defaulting on their debts. Today's measures are the latest in efforts from Beijing to support the sector, estimated to be worth about a quarter of China's national economy.