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Good morning. Evergrande in a tailspin, a huge social media deal and new restrictions in Eastern Europe. Here’s what’s moving markets.
China Evergrande Group’s shares fell as much as 14% after the cash-strapped developer ended discussions to sell a stake in its property-management arm, a deal that would have given it a major infusion of liquidity. Trading in Evergrande had been suspended since the start of the month pending an announcement of a major transaction. The property giant’s cash crunch has become one of the biggest risks to the Chinese economy, eroding confidence in a real estate sector that by some estimates accounts for nearly a quarter of gross domestic product.