The resilience of China’s stocks in the face of a threatened debt meltdown at what was once the nation’s biggest property developer shows tech has become the market’s main driver, while property is now almost peripheral.
The benchmark CSI 300 Index climbed 1.6% last week with technology firms leading gains, even as China Vanke Co.’s proposals to delay repayment of one of its bonds pummeled its stock and spooked the debt market. A gauge of information technology shares rose more than 4%.
