After Country Garden debt deal, focus shifts to China property … – Investing.com

Reuters. FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo

By Xie Yu and Carolina Mandl

HONG KONG/NEW YORK (Reuters) -Country Garden’s deal with creditors for an extension on onshore debt payments worth 3.9 billion yuan ($537 million) boosted shares in the developer on Monday and gave China’s crisis-ridden property sector some much-needed respite.

Shares in Country Garden jumped as much as 19% to their highest level since Aug. 10 and were set for the biggest one-day percentage rise since November. Hong Kong’s mainland properties index rose more than 9%.

But while investors in the company may be heaving si…

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