Some mainland property developers experienced a surge in the afternoon session, with Shimao Group (ASX: 00813) climbing 45.59% to HK$0.099 as of press time, while CIFI Holdings Group (ASX: 00884) gained 24.24% to HK$0.041.

Meanwhile, R&F Properties (ASX: 02777) advanced 15.91% to HK$0.255, and Agile Group (ASX: 03383) rose 10.3% to HK$0.182.

On the news front, during this year's National Day holiday, the property market showed signs of recovery driven by favorable policies.

According to data from the Beijing Municipal Commission of Housing and Urban-Rural Development, from October 1 to 7, new home transactions in Beijing reached 1,008 units, representing a year-on-year increase of 161.1% and a month-on-month increase of 40.8%.

According to local housing authorities, new home transaction volumes in Hangzhou, Nanjing, and Wuhan stood at 86, 587, and 783 units respectively, with year-on-year growth of 196.6%, 325.4%, and 59.5%.

JPMorgan noted in a research report that preliminary sales data for the mainland residential market during the National Day Golden Week were encouraging, with real-time secondary transactions across 26 cities rising 59% year-on-year, property viewings across 44 cities increasing 16% year-on-year, and new home subscriptions up 15% year-on-year.

This is not surprising, as the first week after the mortgage subsidy policy took effect on October 1 reflects an immediate response following the nationwide policy implementation. The real question lies in the sustainability one to two months later.