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A record-breaking rally in Chinese property bonds is highlighting the huge sums of money primed to flow into the distressed securities should Beijing dial back its industry crackdown.

High yield notes jumped as much as 10 cents on the dollar and Chinese property stocks surged on Wednesday after reports that regulators may ease curbs on developers’ access to funds from presold homes. Bonds of Country Garden Holdings Co. and Sunac China Holdings Ltd. saw record gains, only days after tumbling to unprecedented lows. In the stock market, short-seller favorite Agile Group Holdings Ltd. rose 13%, the most since 2015.

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