RRR cut boosts property stocks

Property stocks rallied on Tuesday as developers are likely to benefit from the additional liquidity released from the reduction in the banks' reserve requirement ratios by the Chinese central bank.

An index that tracks the country's listed real estate developers in both Shanghai and Shenzhen rose 3.5 percent, outperforming the benchmark Shanghai Composite Index which gained 1.68 percent.

A dozen property stocks surged by the 10 percent daily trading limit after the People's Bank of China cut the reserve requirement ratio for banks by 50 basis points on Monday.