HONG KONG :Shares in Chinese property developers surged on Wednesday after Beijing expanded a financing programme that is expected to support bond issuance in the crisis-ridden sector.Shares of Country Garden soared 23 per cent and Longfor Group jumped 17 per cent. The Hang Seng Mainland Properties Index ros
HONG KONG :Shares in Chinese property developers surged on Wednesday after Beijing expanded a financing programme that is expected to support bond issuance in the crisis-ridden sector.
The National Association of Financial Market Institutional Investors announced on Tuesday evening that it will widen a programme to support about 250 billion yuan of debt sales by private firms, including those of property developers.The move comes as property developers in China, faced with a stifling cash squeeze, struggle to tap new sources of funding to finish apartment construction and pay suppliers. A string of developers have defaulted on their offshore debt obligations in the past year.
"We think this is a big step to help ease liquidity for top private developers after recent defaults," said Shujin Chen, an analyst with Jefferies said in a note to clients.
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