From ABC News:

China stocks are mixed as the country tries to prevent a major real estate developer from going bankrupt. Hong Kong stocks rose, with the Hang Seng Tech Index up 0.7%. State-owned banks may provide up to 80 billion yuan in loans to help China Vanke, the second-largest developer, meet its repayment deadlines.

Vanke’s credit rating was downgraded to “junk” status by Moody’s. The company’s stocks surged after news of potential financial support, but experienced a 2.2% pullback. China’s central bank continued to buy gold aggressively, increasing gold reserves by 390,000 ounces in February to reach 72.58 million ounces.

Gold prices fell after reaching a record high, boosting stock prices of gold producers like Chow Tai Fook Jewellery Group and Zijin Mining Group. Xiaomi, a Chinese smartphone maker, announced plans to launch its first electric vehicle on March 28, pushing its stock up 0.4%.



Read more at ABC News: Stocks are mixed as China scrambles to avoid major real estate developer bankruptcy