China stocks slide despite Beijing's market support

Shanghai index edges closer to 3,000 precipice on real estate woes

20231019N Shanghai Stock Exchange REUTERS

The Shanghai Stock Exchange building. The benchmark Shanghai Composite Index has hit a year-to-date low. © Reuters

NORIYUKI DOI, Nikkei staff writer

SHANGHAI -- China's benchmark Shanghai Composite Index has hit a new year-to-date low despite Beijing's efforts to prop up the stock market as investors worry more about the troubled property sector.

The index fell 1.74% to 3,005 on Thursday, the lowest close in 11 months and near the 3,000 threshold last breached on Nov. 3.

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