Shares of Longfor Group, a prominent Chinese property developer, soared by 9.85% on Wednesday, buoyed by mounting optimism surrounding the prospects of the Chinese property market in the coming year.

Analysts anticipate that China's property transaction volumes are poised to rise in 2024 for the first time since 2022, marking a pivotal turnaround for the beleaguered sector. This positive outlook is underpinned by the Chinese central government's unwavering commitment to revive the property sector through robust policy support and an accelerated implementation of supportive measures.

Raymond Cheng, an analyst at CGS International, expressed a favorable stance towards state-owned property developers, such as China Resources Land and China Overseas Land & Investment, as well as quality developers like Longfor Group. Cheng also recommended considering high-beta names like China Vanke and Greentown for investors seeking exposure to the anticipated recovery in the Chinese property market.