Country Garden: Property shares jump on debt reprieve
BBC Shares in Chinese property firms have jumped after developer Country Garden reportedly secured an extension to a key debt payment deadline.
Major home builders including Country Garden and Evergrande saw their shares rise in Hong Kong on Monday.
Investors also welcomed moves by Beijing to step up its support for the faltering economy.
It marks some rare, good news for China's crisis-hit real estate industry.
Country Garden's Hong Kong-listed shares were more than 14% higher on Monday afternoon.
The company's shares are still down by by more than 60% since the start of this year.
Country Garden, which is one of China's biggest property developers, had been due to make payments for a 3.9 billion yuan (430m; $540m) onshore private bond on Saturday.
The firm avoided defaulting on the debt after Chinese creditors agreed over the weekend to allow it to make the payments in instalments over the next three years, according to reports.The company has also wired a payment on a 2.85 million Malaysian ringgit (490,000; $613,000) denominated bond, according to Bloomberg.
