“China Evergrande shares tumble 25% after police detain wealth management staff”
September 18, 2023
” Shares of embattled developer China Evergrande Group plunged 25% on Monday after police detained some staff at its wealth management unit, suggesting a new investigation that could add to the property company’s woes.
Evergrande, the world’s most indebted property developer, is at the center of a crisis in China’s real estate sector that has seen a string of defaults since late 2021 that have rattled global markets and sparked fears of contagion. Trading in the company’s stock was suspended for 17 months until Aug. 28…
The stock fell as much as 25% to HK$0.465 in early morning trade, the lowest in two weeks. It pared losses by 0200 GMT, down 11%, lagging a 0.9% fall in the broader Hang Seng Index…”
https://finance.yahoo.com/news/china-evergrande-shares-tumble-25-014200434.html
From top to bottom Chinese real estate is a complete and total scam. Homes were being sold before they were built. That’s all you need to know. The entire market will most likely collapse.