NANJING, CHINA – AUGUST 18, 2023 – Aerial image reveals a suburb of Evergrande in Nanjing, East China’s Jiangsu province, Aug 18, 2023. (Picture by Costfoto/NurPhoto by means of Getty Images)
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Shares of Chinese home designer Evergrande leapt over 70% on Wednesday, leading gains on the Hang Seng Index
The property sector was the leading gainer on the HSI, however the general index was still in unfavorable area, dragged by health-care and commercial stocks.
Other stocks like Nation Garden Holdings and Logan Group likewise rose, acquiring 23% and 26% respectively, while the Hang Seng Mainland Residential Or Commercial Property Index was up about 4%.
The gains followed Nation Garden supposedly handled to pay $22.5 million in bond voucher payments on Tuesday, narrowing preventing default. The bond payments were initially due in August, however Nation Garden sent the payments hours prior to a 30-day grace duration ended.
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