Data boosts China property stocks in New York

China real estate companies made gains in New York after an increase in China’s new home prices brightened the industry’s outlook, Bloomberg reported. Chinese property market information website SouFun Holdings (SFUN.NYSE) climbed 11%, and digital map provider AutoNavi Holdings (AMAP.NASDAQ) reached a two-year high. Monday’s official data showed Guangzhou and Shenzhen leading the nation’s new home price increases in July with a 17% jump, spurring New York stock gains.“It looks like there’s some relaxation in China’s property price curbs, which stoked home prices and will help with macroeconomic stabilization as well,” said Tan Chiheng, an analyst at Granite Point Capita.