What do you believe is the single most important factor driving up the cost of living in Nigeria?

Chinese property stocks rallied on Tuesday after top financial regulators vowed a range of monetary easing measures to provide some relief for millions of families and boost a recovery in the real estate market.

During a high-level press conference Tuesday morning, People's Bank of China Gov. Pan Gongsheng announced that Beijing would reduce the interest rates on existing individual mortgages by an average of 0.5 percentage points, and the lower down-payment ratio for second homes purchases to 15% from 25%.

It's the first time that down payment levels for first and second homes are unified, and the lower rate is expected by the PBOC to reduce household interest payments on mortgages by an average of 150 billion yuan a year ($21.25 billion).

Hang Seng Mainland Properties Index surged as much as 5% when Hong Kong markets opened shortly after the announcement was made.

Chinese policymakers have been ramping up support to reduce household's financial burden and shore up the troubled real estate sector.

• Read More