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Stocks are mixed as China scrambles to avoid major real estate developer bankruptcy

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China stocks are mixed as the country scrambles to avoid major real estate developer bankruptcy. Hong Kong stocks added 0.2%, extending their gains for a fourth consecutive day, while the Shanghai Composite Index dropped 0.5%. The smaller market in Shenzhen also shed 0.5%.

FILE - A pedestrian passes by a Hong Kong Stock Exchange electronic screen in Hong Kong on July 21, 2023. China stocks were mixed Wednesday, March 13, 2024, as the country scrambled to avoid major real estate developer bankruptcy. Hong Kong stocks added 0.2% to 17,129.37, extending their gains for a fourth consecutive day. Hang Seng Tech Index advanced 0.7%, with JD.com gaining 0.6% after the company announced a share buyback of as much as 3 billion dollars over the next three years.

China’s local media reported Tuesday that the country’s state-owned banks may raise up to 80 billion yuan in syndicated loans to assist the property developer China Vanke in meeting its impending repayment deadlines.Abraham Ancer takes 5-stroke, 2nd-round lead at LIV Hong Kong tournamentVanke stocks surged after the news of the potential financial support while experiencing a 2.2% pullback Wednesday. On Tuesday, its shares listed in Hong Kong closed 10.

Gold retreated Wednesday after reaching a fresh record high Monday, when investors flocked to buy stocks of gold producers and jewelers, further boosting the stock prices.

 

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