A Bloomberg Intelligence gauge tracking the Chinese builders gained as much as 7.8% to trade at the highest level in about four weeks. Sunac China Holdings Ltd. surged as much as 65%, while China Evergrande Group jumped as much as 36%.
“It’s some hedge funds speculating on more stimulus,” said Xin-Yao Ng, investment manager of Asian equities at Abrdn. “The distressed developers are definitely the speculators’ pick to bet on stimulus as they see the biggest delta to policy news.”
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