The Chinese property firms, including many with dollar debts, to gather in Beijing on Tuesday to meet with the National Development and Reform Commission (NDRC), the country’s state planner, the local media outlet Cailianshe reported, citing sources familiar with the matter.

Cailianshe added, “representatives of many of the property firms are on their way to Beijing after being notified by the National Development and Reform Commission.”

This comes after China Evergrande Group announced Sunday that it had resumed work on more than ten projects in six cities including Shenzhen.

Market implications

The renewed optimism around the Chinese troubled property sector is outweighing concerns over the fresh Delta covid variant outbreak in the country, lifting the sentiment towards the riskier assets.

The S&P 500 futures flip to gains while AUD/USD rebounds towards 0.7500. As of writing, AUD/USD is trading at 0.7485, having found support at 0.7464, adding 0.29% on the day.