China's property stocks jumped after the country's central bank announced measures that would help boost the liquidity available to property developers.
The move will ease a lingering cash crunch for Chinese developers that have been at the receiving end of Beijing's crackdown aimed at addressing the sector's bloated debt levels.
The CSI property index jumped 5.2%, while the mainland's broader CSI 300 added 1.8%.
Shares of Hong Kong-listed Country Garden jumped 2.94%, Logan Group gained 5.17% and Longfor Group added 4.61%. Hong Kong's Hang Seng Mainland Properties index rose as much as 3.9%.
The People's Bank of China and the Ministry of Finance said in a joint statement late Wednesday that these new measures will be valid until the end of 2024.
Banks can now issue loans to commercial real estate firms "with good comprehensive benefits that have passed the completion inspection and acceptance, obtained the real estate ownership certificate, and been put into operation, with the operating property as collateral."
China's property crisis could take years to resolve, with Oxford Economics estimating at least four to six years for real estate developers in the country to complete unfinished residential properties.
The world's second largest economy grew 5.2% last year, meeting Beijing's target even as the slump in its property sector continued to deepen.
China's property developers face serious debt problems, and some of its largest players have filed for bankruptcy.
China's real estate troubles are closely linked with local government finances, since they have typically relied on land sales to developers for a significant portion of their revenue.
The worries have intensified financial risks and bogged down consumer confidence, as consumer prices teeter on the verge of deflation.
— CNBC's Clement Tan and Evelyn Cheng contributed to this report.