Spreading as expected. Billion $ wipe outs tend to do that
"Hong Kong real estate giants including Henderson Land Development Co. suffered the biggest selloff in more than a year on speculation China will extend its property clampdown to the financial hub. Fears of contagion from China Evergrande Group continued to intensify, dragging down everything from bank stocks to Ping An Insurance Group Co. and high-yield dollar bonds."
Question is, is it the market or China CCP doing the damage?
"Are Hong Kong Property Tycoons China’s Next Target?"
Either way many banks and bonds are going to get a hiding today.
"Catch the falling knife at your own risk. We knew that the rules of the game had changed as early as July, when Beijing put ride-hailing giant Didi Global Inc. under regulatory review after it defied warnings and went ahead with its U.S. initial public offering. China no longer sees shareholder capitalism serving the nation well; now, it’s going for stakeholder capitalism, where customers, employees and even local governments all have a say in how companies do business and retain their earnings. "
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