China’s Defaulted Developers Soar 200% in Speculative Frenzy
- Shimao and Sunac climb more than 200% in five trading days
- Some dollar notes of Sunac and Cifi also jump in the frenzy
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Shares of Chinese property developers rallied most on record after Beijing joined its peers to ease rules for homebuyers, following the Asian nation’s call to stem the property market decline.
A Bloomberg Intelligence gauge of Chinese real estate stocks surged as much as 31% — a record — on Wednesday, following the Monday announcement that the nation’s capital will make it easier for non-residents to buy property in core areas and cut minimum down payment ratios. The index has risen 92% over the last five trading days.