Evergrande soars over 70% leading Chinese property stocks higher after Country Garden avoids default
NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)
Shares of Chinese property developer Evergrande jumped over 70% on Wednesday, leading gains on the Hang Seng Index.
The real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks.
Other stocks like Country Garden Holdings and Logan Group also surged, gaining 23% and 26% respectively, while the Hang Seng Mainland Property Index was up about 4%.