China Developers Soar as State Help Fuels Bets on Market Bottom

Workers at a construction site for the World Expo Culture Park in Shanghai on Sept. 27. Photo: Bloomberg

(Bloomberg) — Chinese developer stocks jumped the most in eight months after a key regulator expanded a financing support program designed for private firms including the country’s cash-strapped builders.

A Bloomberg Intelligence gauge climbed as much as 8.8% Wednesday morning. Country Garden Holdings Co., Longfor Group Holdings Ltd. and CIFI Holdings Group Co. all surged at least 21%. Property firms’ dollar bonds rose as much as five U.S. cents, according to credit traders, with some Country Garden notes on track for their biggest gains in nearly three months.