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Evergrande soars over 70% leading Chinese property stocks higher after Country Garden avoids default

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The real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks.

also surged, gaining 23% and 26% respectively, while the Hang Seng Mainland Property Index was up about 4%.

The gains come after Country Garden reportedly managed to pay $22.5 million in bond coupon payments on Tuesday, narrowing avoiding default. The bond payments were originally due in August, but Country Garden submitted the payments hours before a 30-day grace period expired.Get Southern California news, weather forecasts and entertainment stories to your inbox.

 

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