Stocks Rise on Mortgage Reports; Yango Miss: Evergrande Update

Chinese property stocks gained after reports that banks in several Chinese cities have cut mortgage down payments for some homebuyers, a move that may boost flagging residential demand.

A Bloomberg Intelligence index of developer stocks rose 2.6%, paring the week’s drop to about 3.5%. Chinese authorities have been racing to arrest a worsening slowdown in the property sector that is hurting growth in the world’s second-largest economy. Almost exactly a year after China’s property-market debt squeeze sparked the first in a wave of defaults by developers, the industry is fighting for survival.