London copper prices advanced on Wednesday, driven by easing default fears around property giant China Evergrande after its main unit said it would pay some bond interest due later this week.
China Evergrande agreed to settle interest payments on a domestic bond on Wednesday, while the Chinese central bank injected cash into the banking system, soothing fears of imminent contagion from the debt-laden property developer.
As Beijing seeks to tighten its grip over Hong Kong, it has a new mandate for the city's powerful property tycoons: pour resources and influence into backing Beijing's interests, and help solve a potentially destabilising housing shortage.