Heavyweight Chinese property stocks were hit with a fresh wave of selling after), one of the country’s biggest developers, warned of a massive, $7.6 billion loss in the first half of 2023.
The stock slid 13% to a new record low on Monday, as reports suggested the firm was also facing difficulty in meeting its debt obligations and at risk of a default. Such an event could mark another high-profile default for China’s property market, and heralds more headwinds for the country’s key economic engines.
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