Country Garden Holdings Co.’s bonds jumped as news that the distressed developer is included in a list eligible for a range of financing support boosted sentiment.
Country Garden’s 5.625% dollar bond due 2030 rallied 40% to 7.1 cents on the dollar Wednesday, the highest close since Sept. 26, according to Bloomberg-compiled data. Its 3.3% dollar bond due 2031 also gained 38% to 7.1 cents.
Chinese regulators are drafting a list of 50 developers eligible for a range of financing, the nation’s latest effort to put a floor under the property crisis. Bloomberg reported Wednesday that Country Garden and Sino-Ocean Group have been included in the list, signaling a pivot by Beijing to help some of the nation’s most distressed builders.
--With assistance from Alice Huang.
