NEW YORK (TheStreet) -- Shares of Chinese real estate portal SouFun (SFUN) rose 5.13% to $7.99 in morning trading Monday as Chinese stocks rallied following the People's Bank of China's third interest rate cut since November.
The Chinese central bank announced Sunday that it would trim its benchmark lending rate and one-year deposit rates by 25 basis points, effective May 11, as economic growth in the world's most populous nation slowed to levels not experienced since the global financial crisis in the late 2000s.
China's Shanghai Composite Index rose 3% in the wake of the news to extend a rally that began on Friday.
The bank made the move after the release of April inflation data and after the Shanghai exchange posted its worst performance since July 2010 last week with a 5.3% drop.
Separately, TheStreet Ratings team rates SOUFUN HLDGS LTD as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SOUFUN HLDGS LTD (SFUN) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."