Real Estate

Chinese property stocks surge after Country Garden avoids default

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NANJING, CHINA – AUGUST 18, 2023 – Aerial photo shows a residential area of Evergrande in Nanjing, East China’s Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)

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Shares of Chinese property developer Evergrande surged as much as 82% on Wednesday, leading gains on the Hang Seng index.

The stock has since pared its gains, but was still about 70% higher.

The real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks.

Other stocks like Country Garden Holdings and Logan Group also surged, gaining as much as 26% and 28%, respectively, while the Hang Seng Mainland…



Source cnbc.com

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