Property shares rise after Beijing eases borrowing requirements for homebuyers
email rounding up the latestShares in Chinese property developer Country Garden rose almost 20 per cent on Monday after creditors agreed over the weekend to restructure the repayment of a renminbi-denominated bond that was due on Saturday.
, which has become the focus of international investors trying to gauge the state of China’s vast property sector, said in a statement to bondholders that it had secured 56.08 per cent approval from participating Chinese creditors in a vote.that had been set to mature on Saturday and allowed the developer to repay the debt in a series of instalments over the course of three years.
Developer stocks listed in Hong Kong rose as much as 10.5 per cent on Monday following action by Chinese authorities to lower downpayment requirements nationwide for first-time and second-time homebuyers. Dealogic data shows Chinese developers face a $38bn wall of renminbi and dollar bond payments coming due over the next four months, while Fitch Ratings warned last week that annual new home sales in China could fall by as much as 15 per cent.
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