HONG KONG -- A sluggish economic recovery and fading hopes for effective stimulus from the government have led foreign investors to dump Chinese stocks.
A-shares, which are listed on the mainland and denominated in yuan, rallied following a meeting of the Communist Party's Politburo on July 24, a gathering that was closely watched for signs of how the government intended to support the economy. The rally proved short-lived, however, as concerns over the vital property market and broader economy set in. Country Garden, one of China's biggest real estate developers, missed interest payments on two bonds, and recent macroeconomic data have failed to meet expectations.
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