China Evergrande fell nearly 5% and has fallen more than 80% from its historical high
Financial Associated Press, August 23 - Evergrande fell sharply again. China Evergrande fell nearly 5% to HK $4.67, more than 80% lower than the historical high, a new low since June 2017. Evergrande automobile fell more than 12% and Evergrande property fell more than 6%.
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Real estate has long been the stimulus behind China's rapid economic development. House-buying became an investment as prices soared, thus resulting in overbuild. Evergrande's downfall signals the halt on China's reliance on its real estate sector as the country seeks to regulate and strengthen the economy and its foundation.
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