LONDON, (Reuters) – Chinese property firms witnessed their battered bond bonds strengthen on Friday. But one noteworthy absentee from this rally was China Evergrande Group.

The hopes of the highly-indebted sector that it can avoid full-blown crises and stabilize has been raised by a series of share sales and asset placements.

China’s most prominent property developer Country Garden was one of the gainers on Friday. After falling to just 80 cents in last week’s sector-wide crash, their bonds fell to almost par (or 100 cents)

Shimao was also notable for its rebound. Its bonds completed a yo-yo back up to 90 cents having plunged to around 70 last week in a breakneck fall capped when S&P Global (NYSE:) stripped it of its prized investment grade credit rating.

According to market watchers, the rebound can be attributed to the relief at firms being able to raise funds via asset sales and share placements this week.

Two sources confirmed to Reuters that Country Garden Services Holdings (the property services division of China’s leading developer) raised $1B on Thursday through share placements.

Sunac China was one of the four top developers in China. Evergrande agreed to buy its entirety in streaming service firm HengTen, for HK$2.13 trillion ($273.5 Million).

However, Evergrande bonds remain rooted at 23 to 29 cents per dollar this week, a 71%-77% drop from the value they were trading for back in May, when Chinese property market troubles began.

S&P cautioned this week that Evergande, the world’s most indebted developer with around $19 billion of international market bonds and $300 billion of liabilities altogether, was still “highly likely” to default as it has $3.5 billion to repay in March and April next year alone.

(For graphic on China property bonds rally: https://fingfx.thomsonreuters.com/gfx/mkt/gkplgdzaevb/Pasted%20image%201637343297171.png)