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Country Garden shares jump 16% after deal to extend debt payment
Shares in Chinese property developer Country Garden rose as much as 20% on Monday after creditors agreed to restructure a 540 million dollar bond repayment due over the weekend. That's also given other real estate companies a much-needed boost - with the Hang Seng Mainland Property Index up around 10 percent. Country Garden's stock is still down more than 60% in the year to date. It missed interest payments of 22 million dollars on two US dollar bonds last month, triggering a broad sell-off in shares of property groups already under pressure from widespread defaults. Chinese authorities finally stepped in last week to lower downpayment requirements nationwide for first-time and second-time homebuyers to spur the property market.
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