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China Real Estate ETF rallies on Evergrande coupon payment
Evergrande's main unit Hengda Real Estate Group resolved a coupon payment of a domestic bond on Wednesday.
By Rony Abboud
0
- China
- Real Estate
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Evergrande's main unit Hengda Real Estate Group resolved a coupon payment of a domestic bond on Wednesday, boosting its shares by 33.33% in US OTC Markets (EGRNY) and by 17.62% in today's Honk Kong session (3333.HK). The surge in price was also driven by China's Central bank cash injection into the banking system, calming fears of contagion from the debt-ridden real estate giant.
Global X MSCI China Real Estate ETF (CHIR), which trades on the New York Exchange gained +4.77% following the news. The ETF targets large and mid-cap Chinese companies involved the in the one the largest GDP contributing sectors in China, real estate. While Evergrande only represents 0.69% of CHIR total portfolio, the company’s health itself is vital for the prospects of other companies.
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