hong konglisted property developers are up in early trade monday following a surprise move by chinas central bank to reduce mortgage rates for firsthome buyers country garden holdings co is up 34 and seazen group ltd gains 40 longfor group holdings ltd china resources land ltd and china overseas land  investment ltd add 15 06 and 04 respectively guangzhou rf properties co gains 15 the hang seng mainland properties index rises 17 trimming yeartodate losses to 15 and outperforming the broader hang seng indexs 02 rise the peoples bank of china said sunday that it would allow commercial banks to reduce their mortgage rates by up to 20 basis points from the current floors for firsthome buyers it kept the minimum mortgage rates for secondhome buyers unchanged property analysts said the move could help revive part of the property market at a time when chinas economy is cooling we expect the new mortgage rate pricing mechanismcould help home buyers to save as much as some 70 basis points in borrowing cost cgscimb analysts said in a research note goldman sachs analysts added that the move sends a loud and clear signal that policymakers are pushing for property policy easing with concrete measures