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Chinese Developers Rally on Policy Hopes as Evergrande Again Averts Default

Chinese Developers Rally on Policy Hopes as Evergrande Again Averts Default

Stocks and bonds of Chinese developers jumped on signs that Beijing could moderate its tough stance on the beaten-down property sector, while sector heavyweight China Evergrande Group again averted default by making another set of last-minute bond payments.

By midafternoon Thursday in Hong Kong, the Hang Seng Mainland Properties index had gained 5.6%, building on a rally in the previous session. Some real-estate stocks surged more, with China Aoyuan Group Ltd. gaining 10% and China Vanke Co. jumping 7%.

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