China's Country Garden jumps on dodging another default, rivals jump

KWG group

06/09/2023 05:58

** Shares of Country Garden  2007.HK  jump as much as 18.8%
to HK$1.20, highest since Aug. 8
    ** Stock set for biggest one-day rise since Nov. 24, if
gains hold; third biggest pct gainer in Hang Seng Composite
Index  .HSCI  and Hang Seng Composite Index on properties and
construction stocks  .HSCIPC 
    ** Country Garden made interest payments on U.S. dollar
bonds hours ahead of a grace period deadline, a person close to
the firm said, pulling back from the brink of default for the
second time in four days and bringing some relief to the
country's crisis-hit property sector
    ** Company also offered on Tuesday to extend repayment of
eight onshore bonds worth 10.8 bln yuan ($1.48 bln) by three
years, according to people with knowledge of the matter and
documents seen by Reuters
    ** Beijing has also rolled out a string of support measures
including cutting mortgage rates and removing some curbs on home
purchases
    ** Other Chinese property stocks soar with Agile  3383.HK ,
Guangzhou R&F Properties  2777.HK , KWG  1813.HK , Logan
 3380.HK , China Evergrande  3333.HK  and Sunac China  1918.HK 
up 13.3% to 61.4% 
    ** Hang Seng Mainland Properties Index  .HSMPI  surges 3.1%
while Hang Seng Index  .HSI  slips 0.8% 

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