Hong Kong stock Evergrande motor rose, now up more than 17%
As of press time, Hong Kong stock Evergrande Motor Co., Ltd. rose, now up more than 17%; China Evergrande and Evergrande property rose by more than 3%.
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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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