China Property Stocks Surge, With Sunac Rallying 27%, After Beijing Picks 50 Firms to Fund
- Longfor, Seazen notes are among the bonds which are rallying
- JPMorgan says white list won’t prevent firms from defaulting
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Chinese developers’ bonds gained along with their shares after authorities began drafting a list of 50 real estate firms that would be eligible for a range of financing as Beijing sought to support the embattled property sector.
A Bloomberg gauge of China developer stocks gained as much as 7.6% to head for its biggest advance since September. Sunac China Holdings Ltd., the first major Chinese builder to reach a restructuring agreement, led the sector’s rise as it rallied as much as 27%. Seazen Group Ltd. and Agile Group Holdings Ltd. also climbed.