China property shares jump on report of government plans to buy unsold homes By Reuters

HONG KONG (Reuters) -Shares of Chinese property developers jumped on Thursday, after a report that China is considering a plan for local governments nationwide to buy millions of unsold homes from distressed companies to ease a protracted property crisis. State-backed Sino-Ocean Group surged more than 50% and defaulted private developers CIFI Holdings and Shimao Group jumped more than 30%. Bloomberg News said on Wednesday the State Council is gathering feedback on the preliminary plan from various provinces and government bodies, after a meeting of the ruling Communist Party leaders in late April called for efforts to clear mounting housing inventory.