Country Garden debt deal, China property support measures trigger … – Reuters

HONG KONG/NEW YORK, Sept 4 (Reuters) – Country Garden’s (2007.HK) 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 Hang Seng mainland properties index (.HSMPI) rose more than 9%.

But while investors in the company may be heaving sighs of relief, it remains to be seen whether a raft of government stimulus measures will soon help revive demand, ease the sector’s cash squeeze and lift the gloom over the wider fina…

Read the full article at: https://www.reuters.com/world/china/after-country-garden-debt-deal-focus-shifts-china-property-recovery-prospects-2023-09-03/