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Evergrande Founder’s Photo-Op Gives Bonds a Rare Boost

  • Billionaire Hui joins Communist Party celebration at Tiananmen
  • Public appearance at Tiananmen offsets downgrade by Moody’s
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A photo of China Evergrande Group founder Hui Ka Yan attending Communist Party celebrations hosted by the country’s ruling elite lifted the embattled developer’s bonds, a day after the company was downgraded for the second time.

Hui, the billionaire chairman of China’s second-biggest property developer, was invited to join the event in Beijing’s Tiananmen Square to celebrate the Communist Party’s 100-year anniversary Thursday, according to a statement and photo sent by the company to Bloomberg News.