China property stocks, bonds rally post report of $85 bn support from banks

Chinese developer stocks and bonds rallied after Bloomberg reported that the nation’s financial regulators told the biggest state-owned banks to provide financing worth at least $85 billion to the battered property sector.
 

A Bloomberg Intelligence gauge of real estate stocks jumped as much as 2.6% on Monday. CIFI Holdings Group Co., KWG Group Holdings Ltd. and Agile Group Holdings Ltd. were the top gainers in Hong Kong, up more than 10% each. Meanwhile, higher-rated developer dollar bonds rebounded, with some notes snapping a two-week losing streak.  

The People’s Bank of China and the China Banking and Insurance Regulatory Commission recently