The ratings agency fears Beijing’s support measures won’t be enough to turn around the fortunes of the country’s real estate giants

The announcements come on the heels of a series of nationwide support measures announced by Beijing for the property sector

On Friday, Evergrande said it had "adequately" fulfilled exchange guidance for the resumption of trade of its Hong Kong-listed stock

The country's central bank also said it would stick to the principle that houses are for living in and not vehicles for speculation

Workers at dorms on two Country Garden sites in Tianjin, a port city of 14 million people about 135 km (84 miles) southeast of Beijing, complained of months without pay

Country Garden, facing $192 billion worth of debt, is saddled with nearly 1 million unfinished homes in 3,121 projects spread across all of China's provinces

Reports that China's third biggest developer is considering a debt restructuring, coupled with a warning that it might report up to $7.6 billion in losses for the first half, spooked investors

Real estate giants like Country Garden and Sunac China saw their shares rise 18% and 17% while investors also piled into property firms’ bonds

The struggling real estate giant posted a combined loss of $81 billion for 2021 and 2022, deepening investor doubts about the viability of the restructuring deal

The embattled property developer's overdue results showed steep losses and liabilities prompting some to question the viability of its restructuring plan

But some analysts warned the move that sparked the share price rebound won’t be enough to turn around the country’s crippled property sector

China’s securities watchdog has loosened restrictions on the sector's equity fundraising in a bid to improve liquidity