Developer Stocks Drop as Growth Concerns Rise: Evergrande Update
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Chinese developer stocks and high-yield dollar bonds fell, as market optimism generated by Beijing’s policy vows further eroded after leaders reaffirmed support for strict Covid policies.
A Bloomberg Intelligence index of property stocks fell as much as 4.4% Friday, amid broader market declines. A gauge tracking junk dollar notes was on pace to fall for the third week in the past four.