Thursday, December 12, 2024
HomeTop StoriesChinese property stocks surge after Country Garden avoids default

Chinese property stocks surge after Country Garden avoids default

Published on

Latest articles

HORIZON MICROTECHNOLOGIES RECEIVES ESA SPARK FUNDING TO ADVANCE 3D PRINTING AND METALLISATION TECHNOLOGY FOR SPACE APPLICATIONS

HORIZON MICROTECHNOLOGIES RECEIVES ESA SPARK FUNDING TO ADVANCE 3D PRINTING AND METALLISATION TECHNOLOGY FOR...

GreenPlast 2025: Shaping a Sustainable Future for Plastics

GreenPlast 2025: Shaping a Sustainable Future for Plastics At the official streaming press conference on...

Tosca Partners with Avery Dennison to Boost Supply Chain Efficiency and Reduce C02 Emissions

Tosca Partners with Avery Dennison to Boost Supply Chain Efficiency and Reduce C02 Emissions Tosca...

Automechanika Dubai Supports The UAE’s EMobility Goals With a Platform For Innovation And Collaboration

Automechanika Dubai Supports The UAE’s EMobility Goals With a Platform For Innovation And Collaboration The...


NANJING, CHINA – AUGUST 18, 2023 – Aerial photo shows a residential area of Evergrande in Nanjing, East China’s Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)

Getty Images

Shares of Chinese property developer Evergrande jumped over 70% on Wednesday, leading gains on the Hang Seng Index.

The real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks.

Other stocks like Country Garden Holdings and Logan Group also surged, gaining 23% and 26% respectively, while the Hang Seng Mainland Property Index was up about 4%.

The gains come after Country Garden reportedly managed to pay $22.5 million in bond coupon payments on Tuesday, narrowing avoiding default.

The bond payments were originally due in August, but Country Garden submitted the payments hours before a 30-day grace period expired.

China’s property sector has languished ever since Evergrande defaulted in 2021. Last week, the stock resumed trading and closed nearly 80% lower in its first session in 17 months. Evergrande shares had closed at 35 Hong Kong cents on Tuesday.

Stock Chart IconStock chart icon

Other property stocks have also plunged in the past year amid contagion fears. Shares of Country Garden have fallen 53% so far this year while Logan dropped 18%.

Stock Chart IconStock chart icon

hide content

This is breaking news. Please check back for updates.



Source link

More like this

HORIZON MICROTECHNOLOGIES RECEIVES ESA SPARK FUNDING TO ADVANCE 3D PRINTING AND METALLISATION TECHNOLOGY FOR SPACE APPLICATIONS

HORIZON MICROTECHNOLOGIES RECEIVES ESA SPARK FUNDING TO ADVANCE 3D PRINTING AND METALLISATION TECHNOLOGY FOR...

GreenPlast 2025: Shaping a Sustainable Future for Plastics

GreenPlast 2025: Shaping a Sustainable Future for Plastics At the official streaming press conference on...

Tosca Partners with Avery Dennison to Boost Supply Chain Efficiency and Reduce C02 Emissions

Tosca Partners with Avery Dennison to Boost Supply Chain Efficiency and Reduce C02 Emissions Tosca...