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Why China Evergrande Group Stock Bounced 47% Today

·3 min read
Why China Evergrande Group Stock Bounced 47% Today
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Shares of Chinese property behemoth China Evergrande Group (OTC: EGRN.F), as well as shares of the China Evergrande Group (OTC: EGRN.Y) American depositary receipts, exploded higher in Wednesday morning trading, rising 40.1% and 47.5% respectively, through 10:25 a.m. EDT, and pulling up the share prices of other Chinese stocks in their wake. A couple of factors seem to be working this morning to calm investors' panic over the prospect of China Evergrande going insolvent. As television network Euronews reports this morning, Evergrande subsidiary Hengda Real Estate Group has just informed the Shenzhen Stock Exchange that it has successfully negotiated a plan to pay interest on a bond due in 2025.