Country Garden Services leads rally in Chinese property stocks on bond measures

China Overseas Land & Investment

16/08/2022 04:36

** Shares of Country Garden Services Holdings  6098.HK  lead
rally in Hong Kong-listed Chinese property stocks, surging as
much as 23.1% to HK$17.04, the biggest daily pct rise since
March 17 if gains hold 
    ** Stock hits the highest since Aug. 1; the biggest pct
gainer in the benchmark Hang Seng Index  .HSI  and
second-biggest pct gainer in Hang Seng Composite Index  .HSCI  
    ** Chinese regulators have instructed state-owned China Bond
Insurance Co Ltd to provide guarantees for onshore bond issuance
by a few private property developers including Longfor Group
 0960.HK  and CIFI Holdings  0884.HK , according to four sources
with knowledge of the matter  urn:newsml:reuters.com:*:nL1N2ZS045
    ** China Bond Insurance, which provides financial guarantee
services, will provide "full amount, unconditional and
irrevocable joint liability guarantee" to these medium-term
notes, the sources said
    ** Shares of Longfor, CIFI, Country Garden Holdings
 2007.HK , China Overseas Land  0688.HK , China Resources Land
 1109.HK  and Times China  1233.HK  rise between 5.4% and 15.1% 
  
    ** Property manager Cifi Ever Sunshine Services  1995.HK 
soars 19%  
    ** Hang Seng Mainland Properties Index  .HSMPI  jumps more
than 10% and Hang Seng Composite Index on properties and
construction stocks  .HSCIPC  surges 3.2%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both gain 0.2%

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))