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China stocks, currency fall on property concerns

Published Wed, Mar 19, 2014 · 10:00 PM
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[SHANGHAI] China's stocks fell and the yuan weakened near an 11-month low after the collapse of a private developer spurred concern that the industry may face defaults as economic growth slows. Money market rates jumped.

China Vanke Co and Poly Real Estate Group Co, the nation's biggest developers, slumped at least 1.3 per cent. Country Garden Holdings plunged as much as 6.5 per cent in Hong Kong after its chief financial officer quit.

China Construction Bank, a creditor of Zhejiang Xingrun Real Estate, which collapsed with 3.5 billion yuan (S$715 million) of debt, dropped in Hong Kong and Shanghai trading.

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