Stock Track | SUNAC Soars 9.64% as Property Sector Sentiment Improves

Stock Track

02-26

SUNAC shares soared 9.64% in intraday trading on Wednesday, as sentiment in the Chinese property sector improved amid positive developments.

The rally was likely driven by news that troubled developer Shimao Group secured creditor backing to restructure around $11 billion in offshore debt. Additionally, the Hong Kong High Court ordered the withdrawal of a winding-up petition against Shimao, easing concerns over its financial situation.

The positive developments surrounding Shimao appeared to boost investor confidence in the broader Chinese property market, benefiting stocks like SUNAC. However, it remains to be seen if the sector's recovery will be sustained in the long run.

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