Shares of Embattled China Evergrande Group Rise to 1–1.5-Month High

A crane stands at the construction site of Evergrande Cultural Tourism City, a China Evergrande Group project whose construction has halted, in Suzhou's Taicang, Jiangsu province, China, on Oct. 22, 2021. Aly Song/Reuters

HONG KONG—Shares of China Evergrande Group extended gains to as much as 16 percent on Friday afternoon to the highest since Sept. 30, after the cash-strapped developer once again averted a destabilizing default with a last minute bond payment this week.

As of 0703 GMT, the Hong Kong-listed company was up 12.25 percent at HK$2.84, compared with a 0.2 percent rise in the broader market. The stock has lost 80 percent so far this year.