European stocks hit three-week high as China’s government tries to prop up ailing economy
Business live – latest updates
The share price of the ailing Chinese developer Country Garden has jumped by as much as a fifth after its creditors agreed a delay on debt repayments, offering some respite from the country’s crisis-hit property market.
The company agreed over the weekend to extend the payment dates on a 3.9bn yuan (£430m) private bond, to the relief of investors who had thought it would default on payments due on Saturday. Country Garden will instead have three years to repay the debt, after it won a narrow vote with the backing of 56% of its creditors, Reuters reported.
More Stories
‘Tone deaf’: US tech company responsible for global IT outage to cut jobs and use AI
Ukraine says it has busted Hungarian spy ring collecting military data
Pope Leo holds first mass as pontiff in Sistine Chapel