China Developers Soar as State Help Fuels Bets on Market Bottom
- Key gauge jumps more than 5%, junk bonds up as much as 5 cents
- NAFMII widens debt-sale program, as help includes guarantees
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Chinese developers surged Wednesday, the latest example in recent days of investors seizing on potential positives to bet that the bottom is in after more than a year of wrenching declines.
A Bloomberg Intelligence stock gauge climbed as much as 10% before paring gains to less than 6%. Country Garden Holdings Co. and CIFI Holdings Group Co. surged at least 14%. Property firms’ dollar bonds rose as much as 5 cents, according to credit traders, just days after a developer-dominated index of junk notes ended a monthlong-streak of daily declines.