US-listed shares of Chinese companies outperformed in New York on Friday after China said it would ease lending conditions in the housing market, alleviating concerns a sharp price correction in the sector could hurt economic growth. China's big four state-backed banks will lend more to qualified property developers and approve loan applications quicker to help boost the supply of housing, according to a statement published in the central bank's newspaper.
Chinese property companies were among the main beneficiaries of the move that will see Industrial and Commercial Bank of China Ltd, China Construction Bank Corp, Bank of China, and Agricultural Bank of China ease loan conditions. IFM Investments, a real estate services provider with the network of real estate sales offices in China, rose 12.3 percent to 82 cents. E-House Holdings, another real estate agency, rose 2.6 percent to $6.78.
The BNY Mellon index of leading Chinese ADRs rose 0.1 percent. That compares to a percent dip in the overall market as measure by the BNY Mellon index of leading American Depository Receipts, down 0.9 percent. The Standard & Poor's 500 index fell 0.3 percent. Barclays tapped the European Central Bank (ECB) for 8.2 billion euros ($10.8 billion) of cheap funding this week, marking a U-turn for the bank as it had previously been worried about the risk of political interference if it took funds.
The bank's stock rose 0.6 percent to $16.16 in New York. Dutch bank and insurer ING may sell fewer assets after it won a court challenge against an EU ruling on its 10 billion euro ($13.3 billion) bailout, potentially paving the way for other banks to challenge restructuring demands. ING's stock rose 1.5 percent to $9.18. The UK's Lloyds which may also benefit if the ruling sticks, rose 2.3 percent to $2.24.
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