00:00 It's Benzinga and here's what's on the block.
00:02 Chinese property developer stocks surged on Wednesday with Evergrande rising as much as
00:06 82% and other developers like Country Garden and Logan Group gaining over 25%.
00:11 The gains came after Country Garden announced it had paid a $22.5 million bond coupon payment
00:16 just before a grace period expired, narrowly avoiding default.
00:20 This eased contagion fears in the Chinese property sector, which has struggled since
00:23 Evergrande's default in 2021.
00:25 The property sector rally led gains on the Hang Seng Index, although remained in negative
00:29 territory overall due to declines in healthcare and industrial stocks.
00:33 For all things money, visit Benzinga.com.
00:35 (thud)
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