China's Defaulted Developers Soar 200% in Speculative Frenzy [Yahoo! Finance]
SHIMAO GRP HLDGS UNSP/ADR (SHMAY)
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Source: Yahoo! Finance
Most Read from Bloomberg A Bloomberg Intelligence gauge of Chinese real estate stocks surged as much as 31% — a record — on Wednesday, following the Monday announcement that the nation's capital will make it easier for non-residents to buy property in core areas and cut minimum down payment ratios. The index has risen 92% over the last five trading days. During the same period, stocks of some of defaulted developers — including Shimao Group Holdings Ltd. and Sunac China Holdings Ltd. — have surged more than 200% each. Huarong International Financial Holdings Ltd. rose as much as 463% on Wednesday alone. China's stimulus blitz has sent the market's assets soaring in recent days, and the euphoria continued in Hong Kong on Wednesday, when it reopened after a holiday. Led by property developers, the Hang Seng China Enterprises Index jumped as much as 8.4% for a 13th day of gains, its longest streak since January 2018. “Resolute stance of rescuing property markets from top central
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