In a remarkable turn of events, shares of the beleaguered Chinese property developer, Evergrande, soared by an astounding 82% on Wednesday. This surge led the charge for other Chinese property stocks, signaling a potential rebound in a sector that has been under significant strain for months.

The rally in the property sector was ignited by Country Garden's timely payment of $22.5 million in bond coupon payments on Tuesday, narrowly averting a default. These payments, originally due in August, were settled just hours before the conclusion of a 30-day grace period. This move by Country Garden, one of China's largest property developers, provided a much-needed boost of confidence in the market, leading to a sector-wide uplift. Following suit, stocks of Country Garden Holdings and Logan Group also witnessed significant gains, surging by as much as 26% and 28%, respectively.

However, the property sector's resurgence wasn't solely due to Country Garden's actions. A commentary in China's state-owned Securities Times added fuel to the fire by advocating for the relaxation of property purchase restrictions in cities beyond the top-tier ones. The article emphasized that the current market dynamics, characterized by significant shifts in demand-supply relationships, made the existing restrictive policies, aimed at curbing speculation, redundant. The commentary further argued for an "urgent need" to bolster policy support to stimulate sales, thereby unlocking the demand stifled by stringent housing policies.

Evergrande's stock rally is particularly noteworthy given its tumultuous recent history. The company, once valued at $50 billion and now dubbed the world's most indebted property developer, had its shares plummet by 87% in late August. This drastic fall came after a prolonged 17-month trading halt and was further exacerbated by the company's announcement of a staggering loss of 33 billion yuan in the first half of the year. This added to the cumulative losses of 582 billion yuan over the previous two years.

The challenges faced by Evergrande and the broader Chinese property market have been a source of global concern. Analysts and market watchers have been apprehensive about a potential "Lehman moment" - a reference to the 2008 financial crisis triggered by the collapse of Lehman Brothers. Such an event could have cascading effects on the global economy. However, experts like Nicholas Spiro, a partner at real estate consultancy Lauressa Advisory, believe that while China might be on the brink of a prolonged economic downturn, a sudden and catastrophic financial crisis is unlikely.

In conclusion, the recent developments in the Chinese property market, marked by Evergrande's stock rally and Country Garden's timely bond payments, have provided a glimmer of hope. While challenges persist, the proactive measures by key players and the call for policy reforms indicate that the sector is gearing up for a potential turnaround. Only time will tell if this momentum can be sustained and if the Chinese property market can fully recover from its recent setbacks.