Hong Kong stock Evergrande opened higher in the morning, and Evergrande motor rose nearly 9%
Hong Kong stock Evergrande opened higher in the morning. As of press time, Evergrande automobile rose nearly 9%, Evergrande property rose 1.55% and China Evergrande rose 1.65%.
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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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