Zhaoqing, in Guangdong province, is believed to be the first municipality to introduce guidelines to ease China's property crisis by helping developers' liquidity

The Hang Seng Mainland Properties Index rose 3%, versus a 0.3% loss for the main Hang Seng Index

China is drafting nationwide rules to make it easier for property developers to access funds from sales held in escrow accounts in its latest move to ease a severe cash crunch in the sector