Chinese property stocks surged in Hong Kong on Tuesday after reports that the government could shore up support for some developers’ bonds. Chinese regulators have reportedly ordered state-owned China Bond Insurance Co. Ltd to guarantee onshore bond issuances to a number of developers in the struggling sector, according to Reuters.
Stock prices in the named shortlist bounced up in response to the news, with Hong-Kong-listed shares in property developer Country Garden Holdings
2007,
+9.05%
up as much as 18% to 2.74 Hong Kong dollars early in the trading day and pared its gains later on Tuesday to a 9% rise Shares of Gemdale Properties
5 …