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Evergrande woes spark global market turmoil

Fears of financial contagion in China have hit global markets this week as investor concerns grow over a possible default by China Evergrande, the country’s second-largest property developer by sales, which owes at least US$305 billion. On Monday, S&P Global Ratings warned that Evergrande could default unless Beijing directly supports it. “We believe Beijing would only be compelled to step…

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