September 6, 2023: On Monday, Hong Kong-listed effects stocks surged, leading gains on the Hang Seng Index and powering the benchmark to Asia’s top gainer.
Shares of real estate firms like Evergrande, Logan Group, and Longfor Group spiked over 9%, with Country Garden Holdings leading gains at 16.85%. The Hang Seng Mainland Property Index was awake 8.16%.
Over the weekend, according to authorities and a document seen, Country Garden won support from its creditors to extend payments for a 3.9 billion yuan onshore private bond.
Bloomberg said the company also wired a coupon payment on a 2.85 million Malaysian ringgit ($613,000) denominated bond.
Country Garden is still scheduled to pay $22 million in coupon payments on two U.S. dollar bonds it missed in early August. The grace period ends on Wednesday.
On Friday, China also took motion to revive its property sector. The People’s Bank of China eased some borrowing rules and cut the reserve requirement ratio for foreign business deposits from 6% to 4% starting September 15.
Some of China’s biggest banks also slashed interest speeds on yuan deposits, including the Industrial and Commercial Bank of China, China Construction Bank Corp, and Agricultural Bank of China.
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