Sino-Ocean Group, another company reportedly on the list, soared more than 30 per cent in Hong Kong. Among other developers, China Evergrande rose almost 6 per cent and Kaisa Group was up more than 7 per cent.
Authorities are on edge as the creeping debt crisis fuels buyer mistrust, sends home prices plummeting and, crucially, threatens to infect other sectors in an already sluggish economy.
Construction and real estate account for around a quarter of China’s gross domestic product.
In another sign that the government is preparing to offer the sector more support, China’s rubber-stamp parliament on Wednesday released a report calling for banks to do more for the industry.
The document, from a meeting last month with the head of the People’s Bank of China, said banks should step up help for developers to enact the “guaranteed delivery of buildings”.
Over recent years, companies’ failure to complete projects has sparked protests and mortgage boycotts across the country.
The document also called for financial institutions to “support the reasonable financing needs of real estate companies, reduce the risk of credit defaults, and alleviate the fears of residents purchasing long-term housing”.
