Chinese markets fell on their first day of trading this week after a public holiday as concerns built in global markets over a possible default by property developer Evergrande on an international bond repayment.
But the losses were not as heavy as feared after the real estate company, which has total liabilities of more than $300bn, said it would meet an interest payment deadline for an onshore renminbi-denominated bond.
The news buoyed futures for Chinese stocks moments before the starting bell, with the benchmark CSI 300 index of Shanghai- and Shenzhen-listed shares recovering from an initial dip of almost 2 per cent to be down 0.6 per cent in afternoon trading. The CSI 300 Real Estate index rose 5 per cent.
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