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Evergrande Falls 18% as Chairman Reported to be Under Police Surveillance
Evergrande stock plummeted Wednesday after reports of the company's chairman being placed under police surveillance.
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XLM$0.1953-3.57%
BTC$62,495.00-2.10%
ETH$1,662.50-3.31%
USDT$0.99890.00%
USDC$0.9998-0.01%
XRP$1.11-1.51%
SOL$69.43-3.23%
TRX$0.329-1.30%
FIGR_HELOC$1.03-0.16%
HYPE$62.14-5.95%
DOGE$0.0788-3.89%
USDS$0.9997+0.01%
RAIN$0.0156-2.27%
LEO$9.54+0.05%
ZEC$416.96-5.64%
XLM$0.1953-3.57%
Evergrande shares soared more than 28% in their first trading day after suspension.
Evergrande stock plummeted Wednesday after reports of the company's chairman being placed under police surveillance.
Rating agency Fitch has declared Evergrande in default, spurring wider concerns about China's real-estate sector.
Evergrande is to sell a 50% stake in a management unit for over $5 billion while a domino cascade of the global economy looms.
The US subprime mortgage crisis had a tremendous impact. Is China facing something similar?