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

FILE - Residential buildings are under construction at Evergrande Cultural Tourism City, a project developed by China Evergrande Group, in Suzhou's Taicang, Jiangsu province, China, on Sept. 23, 2021. China's housing market has been in crisis for several years.

Shares of Chinese property developers rallied on Thursday after a report that China was considering a plan for local governments across the country to buy millions of unsold homes from distressed companies to ease a protracted property crisis.