Country Garden’s deal with creditors for an extension on onshore debt payments worth 3.9 billion yuan ($536 million) boosted shares in the developer on Monday and gave China’s crisis-ridden property sector some much-needed respite. Country Garden shares ended 14.6% higher after having jumped as much as 19% to their highest level since Aug. 10. Hong Kong’s Hang Seng mainland properties index climbed as much as 10%.
Global shares also rose on Monday, lifted partly by hopes that China’s steady drip feed of policy stimulus might stabilise the world’s second-biggest economy, which has seen its post-pandemic recovery falling away quickly as the property sector cash squeeze worsened. But while Country Garden investors may be heaving sighs …
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