Brighter outlook for property companies

Standard & Poor's Ratings Services revised Chinese property developers' outlook to "stable" from "negative" on Wednesday, on growing sales, falling funding costs and stronger balance sheets.

The ratings agency said the financing and operating conditions of China's real estate industry should remain stable over the next six to 12 months, in contrast with the tough times many developers faced in recent years due to tightening policies.

In the long term, however, the agency has always been "positive" about the sector, which is set to cash in on China's rapid urbanization.