Shares of New World Development, a Hong Kong-listed property developer, surged 5.28% on Tuesday, following the Chinese government's decision to ease home purchase restrictions in major cities including Beijing, Shanghai, and Shenzhen.

The move by Chinese authorities aims to boost demand and prop up the struggling property market, which has been a significant drag on the country's economic growth. By relaxing restrictions on home buying, the government hopes to stimulate investor interest and revive the real estate sector.

The policy shift has sparked a rally in Chinese property stocks, with New World Development being one of the beneficiaries. Investors are optimistic that the easing of home purchase rules will translate into increased sales and improved financial performance for property developers.