Stocks and Bonds Jump Amid Asset-Sale Talk: Evergrande Update
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China’s efforts to spur asset sales by cash-strapped property developers are starting to gain momentum with a flurry of deals, potentially easing the industry’s debt crisis.
Shares and bonds in property companies rose, with China Evergrande Group’s stock briefly jumping the most in 10 weeks after signs of progress in its restructuring and the appointment of an official from a state-owned distressed-debt manager to its board. The company, which faces coupon payment deadlines totaling $352.5 million on Monday, urged offshore bondholders not to adopt aggressive legal action over repayments.