China's embattled property stocks have tanked by the most in nine months, according to Bloomberg data.
The Bloomberg Intelligence gauge of Chinese developer shares fell almost 7% after Monday's trading.
Major developer Evergrande fell by 25% after announcing it was unable to issue new debt.
China's property stocks have tanked by the most in nine months as the embattled industry struggles to cope with a slew of headwinds.
The Bloomberg Intelligence gauge of developer shares fell almost 7% after Monday's trading – having now shed over $55 billion from its value this year, per the outlet.
Among the biggest losers was embattled developer Evergrande – which is reeling from its abrupt cancellation of key creditor meetings and its announcement that it would be unable to issue any new debt.
Shares in the struggling developer – once China's second-largest — tanked 25% on Monday, continuing its wild price swings since the stock resumed trading on the Hong Kong stock exchange last month.
After facing a liquidity crisis in 2021, the firm's woes are symptomatic of the broader issues facing the sector.
Evergrande had around $300 billion worth of liabilities when troubles first began and this figure ballooned to about $340 billion by the end of 2022.
The real-estate crisis in the Asian nation shows little sign of easing, with policymakers in Beijing holding back from extending large-scale policy support for the industry. As many as 53 Chinese developers have collapsed in recent years as the once-booming market faces slowing demand and enormous debt burden repayments.
China is trying to revive the ailing industry by boosting consumer demand in other parts of the economy, but appetites for apartments is likely to remain subdued amid record-high youth unemployment rate and slower economic growth, experts told Insider.
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