China Property Stocks, Bonds Extend Rally on New Rescue Package

(Bloomberg) — Chinese developers’ shares and dollar bonds extended a rally Monday, fueling broader market gains as Beijing’s property rescue measures and easing Covid controls raise hopes that the worst may be over for the world’s No. 2 economy.      

A Bloomberg Intelligence stock gauge of Chinese builders jumped as much as 16%, adding to Friday’s record 18% gain and led by Country Garden Holdings Co. Ltd.’s 52% increase, its biggest ever. Developers’ junk dollar bonds also soared at least 5 cents on the dollar Monday morning, after a Bloomberg index dominated by such notes rose last week for the first time in eight weeks.