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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BTC$62,686.00-1.67%
ETH$1,666.62-3.16%
USDT$0.9987-0.01%
USDC$0.9996-0.01%
XRP$1.10-1.88%
SOL$69.40-3.23%
TRX$0.329-1.01%
FIGR_HELOC$1.03-0.16%
HYPE$61.30-7.24%
DOGE$0.0789-3.56%
USDS$0.9997+0.00%
RAIN$0.0157-2.06%
LEO$9.49-0.84%
ZEC$413.84-6.89%
XLM$0.1911-3.05%
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.
Chinese property stocks nosedived again on Monday after Evergrande scrapped crucial creditor meetings.
MSCI China Index, which covers 85% of the Chinese stock market, is down 8% in 2023 amid persisting property market woes.
Chinese stocks have dropped to a new low, prompting the securities regulator to propose fresh measures.
China's largest property developer is set to report a $7.6 billion loss for the first half of 2023 amid housing market crisis.
China is looking to offer $29.3 billion in special loans to complete unfinished housing projects, marking a landmark financial commitment to curb the ongoing property crisis.
Industry experts warn real estate is a poor investment in the long run. Meanwhile, virtual estate investment is on the rise.