Chinese property stocks suffered double-digit declines on Thursday amid growing fears that developers are losing access to funding and will be forced to slash prices.
The trigger for the tumble was a Reuters report that the Chinese banking regulator had ordered trust companies to assess their risks from lending to Greentown, the largest builder in the eastern province of Zhejiang.
The news was “another sign that the government is cutting the funding sources for developers”, said Credit Suisse analysts.
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