Luxury property investors are likely to rally after China was voted to the presidency in a popular vote.
Luxury property investor shares rose 1.8 per cent in early trading on Monday, after Chinese authorities reported on Monday that the country’s top court had overturned a controversial law aimed at restricting foreign ownership of state-owned enterprises.
China’s Communist Party is increasingly relying on popular support for economic reforms as it looks to regain a foothold in global markets.
The law was meant to restrict the influence of foreign investors in state-run enterprises, which were already limited by a 2008 ban on foreign ownership and limited foreign direct investment.
Foreign investors, who are allowed to own up to 100 per cent of a company, were also barred from buying more than 10 per cent.
But the ruling has been widely criticised for undermining Beijing’s efforts to maintain control over its economy and stifle dissent.
Chinese authorities have long said the law is aimed at curbing the influence on the economy of foreign corporations.