Stock Rally Stalls; Court Cases Are Shifted: Evergrande Update
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The rally in Chinese property stocks stalled after surging 40% in three weeks as pandemic lockdowns threaten to put a brake on growth. China Vanke Co. meanwhile announced a share buyback.
The economic slowdown may test President Xi Jinping’s resolve to not inject more stimulus into the housing market even as Beijing takes additional steps to shore up the economy. China has also eased restrictions on court filings against China Evergrande Group, which may help creditors get faster access to the developers’ assets.