China Property Shares Surge on News of Beijing’s Helping Hand

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A worker walks through the construction site of a China Evergrande development in the eastern city of Suzhou on Nov. 2. Source: Bloomberg

(Bloomberg) — Chinese developers’ bonds gained along with their shares after authorities began drafting a list of 50 real estate firms that would be eligible for a range of financing as Beijing sought to support the embattled property sector.

A Bloomberg gauge of China developer stocks gained as much as 7.6% to head for its biggest advance since September. Sunac China Holdings Ltd., the first major Chinese builder to reach a restructuring agreement, led the sector’s rise as it rallied as much as 27%. Seazen Group Ltd. and Agile Group Holdings Ltd. also climbed.