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ASEAN markets grow cautious as China's property crisis worsens

Investor sentiment weakens as fears of further economic slowdown mount

Investors consider that China’s rate cuts are small and will only help the economy modestly amid the ongoing property turmoil.   © Reuters

SINGAPORE -- Southeast Asian shares fell on Friday as investors' confidence chilled in light of fresh turmoil from the Chinese property market, amid fears of a further slowdown in the second largest economy that could weigh on the region's trade and tourism.

China's Evergrande Group's filing for bankruptcy in New York on Thursday led to fears of other potential bankruptcies of real estate developers, including the country's largest Country Garden Holdings, which is going through a liquidity crisis and missed payments on two international bonds.

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