Developers Soar on China’s Easing Proposals: Evergrande Update
Unfinished apartments at a China Evergrande development in Beijing, on Jan. 6.
Photographer: Andrea Verdelli/BloombergThis article is for subscribers only.
Chinese property stocks and bonds rallied for a second day after the central bank pledged to use more monetary policy tools to spur the economy. The sector extended gains near the end of trading on reports that China may make it easier for firms to tap pre-sale funds deposited by homebuyers.
Country Garden Holdings Co., the country’s largest developer, led gains as shares rose more than 8% in Hong Kong, the most in four months. The company’s 6.5% note due in 2024 rose 12.9 cents on the dollar to 91 cents. Several dollar bonds were set for record one-day gains including Sunac China Holdings Ltd.